The Euro’s near-term tone weakened, as the price failed to clear psychological 1.37 barrier after brief probe above recent range top at 1.3686 and subsequent easing cracked range’s lower boundary at 1.3636. Hourly studies turned negative, with downside risk towards Fibonacci 50% and 61.8% of 1.3547/1.3698 upleg, being in play. On the other side, overall picture remains bullish, with positive 4-hour conditions being supportive for renewed attempt higher, once corrective phase is completed. Dips should be contained at / above 1.36 handle, also trendline support, to keep the scenario valid. Otherwise, risk of lower top formation at 1.3698 and return to initial support at 1.3550, 09/01 low / daily 100DMA, will remain on the table.

Res: 1.3643; 1.3657; 1.3689; 1.3700

Sup: 1.3600; 1.3583; 1.3567; 1.3552

Cable remains in near-term directionless mode, trading within 1.6510 and 1.6336 range, with the price action moving below range’s midpoint. Hourly studies are losing traction after yesterday’s rejection at 1.6463, with 4-hour technicals being in neutral mode. This sees potential for prolonged sideways trading, with break of either boundary required to define near-term direction. Positive daily studies keep the upside focused, however, loss of initial support and higher **** at 1.6340 zone, as well as psychological 1.6300, also Fibonacci 61.8% retracement of 1.6212/1.6602, would undermine the structure and risk deeper pullback.

Res: 1.6400; 1.6426; 1.6463; 1.6490

Sup: 1.6375; 1.6366; 1.6336; 1.6300

The pair regained strength on yesterday’s bounce from fresh low at 102.84, as subsequent acceleration peaked at 104.46 and retraced over 61.8% of 105.34/102.84 downleg. Corrective pullback on overbought hourly conditions should find support around 103.70, near mid-point of entire rally, to keep fresh bulls in play, however, still weak 4hour conditions require caution. Regain of 105 handle to confirm higher low formation and re-focus key barriers at 105.34/43, conversely, slide below 103.70 would risk further weakness and retest of 103.00/102.84 supports.

Res: 104.46; 104.60; 105.05; 105.34

Sup: 104.00; 103.65; 103.46; 103.22

The pair lost ground again after recovery stalled at 0.9083 and subsequent pullback lost 0.9000/0.8980 support, to extend weakness to psychological 0.8900 support. This confirms false break above near-term range and shifts near-term focus lower, as near-term technicals turned negative. Consolidation around 0.89 support is seen on oversold hourly conditions, with corrective rallies to face resistances at 0.8950/70 and 0.9000, previous support and bearish 20/55DMA’s cross, seen capping for now. Extension below 0.8900 handle would risk return to near-term **** and key support at 0.8820 zone.

Res: 0.8922; 0.8950; 0.8970; 0.9000

Sup: 0.8879; 0.8842; 0.8819; 0.8800

The Euro remains under pressure in the near-term, as yesterday’s extension of two-day pullback from 1.3698 peak retested strong support at 1.3580 zone, where trendline support and daily Ichimoku cloud top limit the downside attempts for now. Negative tone prevails on 4-hour chart, while hourly structure improves on corrective bounce above 1.36 barrier that test hourly pivot at 1.3625, Fibonacci 38.2% of 1.3698/1.3580 / 55DMA. Break here to trigger stronger recovery towards the next significant hurdle at 1.3655, previous consolidation range floor and Fibonacci 61.8% retracement. Key near-term barrier lies at 1.3700, top of near-term 1.3580/1.3700 congestion, with break above to signal resumption of recovery phase from 1.3547. However, weak overall tone, with daily indicators entering negative territory, sees the downside vulnerable, with loss of key support and pivotal point at 1.3580, seen as a trigger for further easing towards 1.3547, 09/01 low, reinforced by daily 100DMA and 1.3522/00, Fibonacci 61.8% of 1.3294/1.3892 / round figure support, in extension.

Res: 1.3625; 1.3655; 1.3700; 1.3714

Sup: 1.3600; 1.3580; 1.3547; 1.3522

http://mediaserver.fxstreet.com/Repo...0116091908.png

Cable’s near-term focus shifts lower, as the price probes below near-term congestion low at 1.6340 zone. Extension near psychological 1.63 support, so far retraced 38.2% of larger 1.5853/1.6602 ascend at 1.6316, also Fibonacci 76.4% of 1.6212/1.6602, below which to complete daily H&S pattern and trigger further easing, as extension of pullback from 1.6602, 02/01 peak. Weak near-term studies support the notion, with lower platform at 1.6375, also Fibonacci 38.2% of 1.6463/1.6321 descend, offering initial resistance and 1.64 barrier, 61.8%, expected to cap corrective rallies.

Res: 1.6375; 1.6409; 1.6436; 1.6463

Sup: 1.6320; 1.6300; 1.6261; 1.6212

The pair remains positive and extends near-term rally off 102.84, 13/01 low, close to strong 105 resistance zone and previous congestion tops. Positive near-term technicals support attempt through 105 hurdle for final push towards key barrier and tops at 105.40/43, regain of which to complete 105.43/102.84 corrective phase. Corrective dips should be ideally contained at 104.20/00, 15/01 higher low / Fibonacci 38.2% of 102.84/104.93 / round figure support, to keep fresh bulls intact.

Res: 105.05; 105.34; 105.43; 105.58

Sup: 104.44; 104.13; 104.00; 103.65

The pair accelerated lower after full retracement of 0.8819/0.9084 corrective phase and loss of near-term **** at 0.8820 zone. Fresh bears tested psychological 0.8800 support, as resumption of larger downtrend from 1.1079, 2011 peak, looks for test of 0.8769, Aug 2010 low and 0.8576/43, Feb 2010 low / 50% retracement of multi-year 0.6007/1.1079 rally. With bears being fully in play, downtrend may be interrupted by corrective rallies on oversold near-term studies. Initial resistance lay between 0.8820 and 0.8860, previous lows, while only break above 0.89 barrier and Fibonacci 38.2% of 0.9084/0.8794 fall, would delay immediate bears for more significant corrective action.

Res: 0.8820; 0.8842; 0.8863; 0.8900

Sup: 0.8794; 0.8769; 0.8733; 0.8700

The Euro consolidates above fresh low at 1.3506, with the upside attempts being limited by hourly 55DMA /daily 100DMA / daily cloud **** at 1.3566. Weak near-term studies do not see much of the upside prospect for now, as layers of strong resistances lay above, with the next ones at 1.3580, previous **** and 38.2% retracement of 1.3698/1.3506 and 1.36 zone, 50% retracement / daily cloud top / 4-hour 55DMA, above which comes double-Fibonacci barrier at 1.3625 and lower top of 16 Jan at 1.3648. Only break here would neutralize near-term bears and turn near-term focus towards the upside. Otherwise, lower top, ideally around 1.36 handle, where broken bull-trendline off 1.2754 low reinforces barrier and fresh weakness, is seen as preferred near-term scenario. Break below 1.35 handle to resume weakness off 1.3892 top and expose 1.3435, Fibonacci 76.4% of 1.3294/1.3892 and psychological 1.3400 support.

Res: 1.3566; 1.3580; 1.3600; 1.3625

Sup: 1.3506; 1.3460; 1.3430; 1.3400

Cable trades in near-term consolidative mode, with price action entrenched within 1.6457/1.6393. The pair is so far unable to clearly break above bear-trendline off 1.6602 peak, currently at 1.6430 and last Friday’s peak at 1.6457 that keeps the downside risk in play. However, near-term technicals remain positively aligned, with hourly studies lacking momentum for now. Sustained break above 1.6457 is required to resume rally off 1.6393 and confirm bottom at 1.6393 that would open next significant barrier at 1.6515, 10 Jan lower top, for retest. Otherwise, downside risk would increase in case of violation of initial support and higher **** at 1.64 zone.

Res: 1.6457; 1.6500; 1.6515; 1.6577

Sup: 1.6422; 1.6409; 1.6393; 1.6364

The pair regained strength after finding ground at 103.90 support zone, as fresh rally approaches initial barrier at 104.93. Break here is required to complete 104.93/103.85 corrective phase and confirm higher low formation for fresh attempt towards key hurdles at 105.40 zone. Positive near-term technicals support the notion, with overbought hourly studies seeing possible hesitation on approach. Downside should be ideally protected at 104.40, hourly 20DMA / hourly Kijun-sen line, to keep freshly established bulls off 103.85 intact. Otherwise, lower top formation and return to initial 103.90 support zone, with increased downside risk, would be likely scenario.

Res: 104.78; 104.93; 105.05; 105.34

Sup: 104.56; 104.40; 104.13; 103.89

The pair remains in narrow range consolidative phase, after posting fresh low at 0.8755, with near-term tone being negatively aligned. Overall picture remains bearish and favors further downside, as acceleration through previous **** at 0.8820 and psychological 0.8800 support signals resumption of larger downtrend towards next targets at 0.8576/43, Feb 2010 low / 50% retracement of multi-year 0.6007/1.1079 rally. Corrective rallies on oversold near-term studies remain capped at range top t 0.8830 zone, previous low / consolidation top / 4-hour 20DMA that keep the upside attempts limited. Only extension above 0.8881, Fibonacci 38.2% of 0.9084/0.8755 and psychological 0.8900 barrier would provide near-term relief.

Res: 0.8836; 0.8863; 0.8881; 0.8900

Sup: 0.8775; 0.8755; 0.8733; 0.8700

The Euro remains in near-term consolidative mode above fresh low at 1.3506, with probe above initial 1.3560 barrier, being for now capped at the next hurdle at 1.3580. However, positive tone, established on hourly chart, sees potential for fresh upside attempts, with sustained break above 1.3580 and more significant 1.3600 barrier, 50% retracement of 1.3698/1.3506 / daily Kijun-sen line / broken bull-trendline off 1.2754, required to spark stronger recovery. On the other side, negative 4-hour / daily studies, see the upside actions limited, as failure at 1.36 would keep the sideways mode in play, with the downside remaining vulnerable. Break below 1.35 support will be seen as a trigger of fresh extension of near-term downtrend from 1.3892, 27 Dec peak.

Res: 1.3580; 1.3600; 1.3625; 1.3648

Sup: 1.3535; 1.3506; 1.3460; 1.3430

Fresh bulls came in play as the price broke above near-term triangular consolidation and bear-trendline off 1.6602 peak, signaling attack at important 1.6515 barrier, 10 Jan lower top. Positive near-term studies support the advance, with corrective action on overbought hourly studies, expected to ideally find footstep at 1.6450/40 zone, previous consolidation tops / bull-trendline off 1.6307 / hourly 55DMA. Further easing below the latter, however, would delay immediate bulls for deeper pullback. Only loss of 1.64 higher platform would bring bears back in play.

Res: 1.6489; 1.6515; 1.6577; 1.6602

Sup: 1.6450; 1.6440; 1.6400; 1.6376

The pair enters range trading after upside rejection under 104.93 peak, with near-term price action established within 104.75 and 103.90 range. Holding above 104 handle, also near 50% retracement of 102.84/104.93 upleg, would keep the upside in play, as 4-hour studies hold positive tone. Regain of 104.93 and 105 hurdles is required to signal further upside and eventual attack at key 105.40 double-top. Otherwise, loss of higher platform at 103.90 would increase downside risk and formation of lower top at 104.75, as a part of near-term downtrend from 105.43, 02 Jan peak.

Res: 104.56; 104.75; 104.93; 105.05

Sup: 104.13; 103.89; 103.64; 103.30

The pair regains ground after break above near-term consolidative range and initial barrier at 0.8830, regain the next resistance at 0.8881, Fibonacci 38.2% retracement of 0.9084/0.8755 descend. Further advance is seen favored, as 4-hour studies gained strong momentum, however, overbought hourly conditions see scope for consolidative/corrective action ahead of next barriers at 0.8900/20, round figure / daily 20DMA / 50% retracement. The downside should be ideally protected at 0.8830, previous resistance, to keep fresh bulls intact. Potential stronger recovery would look for 0.9000 and pivotal 0.9084, 13 Jan lower top / daily 55DMA.

Res: 0.8900; 0.8920; 0.8932; 0.8958

Sup: 0.8850; 0.8830; 0.8800; 0.8775

The Euro maintains positive tone and consolidates around 1.37 handle, previous peak and daily Kijun-sen line, which was dented on Friday’s spike to 1.3738, level last time traded on 02 Jan. Stretched 4-hour studies, see scope for extended consolidation, with immediate support at 1.3660, consolidation floor, reinforced by 38.2% of 1.3529/1.3838 upleg; hourly 55DMA and daily cloud top, loss of which would trigger corrective action towards 1.3634, 50% retracement and 1.36 zone, Fibonacci 61.8% / 20/55DMA’s bullish crossover, above which stronger dips should be contained. On the upside, clearance of 1.3700/38 barriers would open strong 1.38 resistance zone, December’s congestion tops.

Res: 1.3700; 1.3738; 1.3800; 1.3815

Sup: 1.3660; 1.3634; 1.3600; 1.3580

http://mediaserver.fxstreet.com/Repo...0127093802.png

Cable lost traction and ended Friday’s trading in red after strong pullback from fresh peak at 1.6668, probed below 1.65 handle and found temporary footstep at 1.6472. Reversal retraced over 50% of 1.6307/1.6668 rally that weakened near-term structure, as hourly studies turned negative and 4-hour indicators approaching the midlines. Larger picture bulls, however, remain intact and expected to resume higher after completion of corrective phase. Bounce off 1.6472 that probes above 1.65 barrier, would face broken bull-trendline off 1.6307 and 1.6550, above which to signal further recovery and avert immediate downside risk. Break above 1.66 hurdle is required to confirm. On the other-side, limited corrective action would keep the downside vulnerable, as slide below 1.65 handle would bring fresh weakness for retest of 1.6472 and 1.6445, Fibonacci 61.8% of 1.6307/1.6668; 1.6400, psychological support in extension.

Res: 1.6550; 1.6600; 1.6622; 1.6642

Sup: 1.6500; 1.6472; 1.6445; 1.6400

The pair enters near-term corrective phase off fresh low at 101.75, after two-legged weakness off 104.83, 23 Jan lower top slid through important 102.84 and 102.00 supports. Overall negative tone, established after repeated rejections at 105 hurdle and acceleration lower, keep the downside favored in the near-term, with fresh leg lower seen on a completion of corrective rally. Crack of initial 102.70 resistance, opens more significant 103.00 barrier, Fibonacci 38.2% of 104.83/101.75 descend, reinforced by hourly 55DMA and pivotal 103.57, 24 Jan lower top / near 61.8% retracement, where rallies should be ideally capped. Otherwise, break here would sideline near-term bears and shift focus higher. Initial support lies at 102.50, daily cloud top, ahead of 102.00 and 101.75 low, loss of which to confirm bearish resumption.

Res: 102.84; 103.00; 103.29; 103.57

Sup: 102.50; 102.00; 101.75; 101.60

The pair remains under pressure, as fresh weakness posted new low at 0.8658, initial target of Fibonacci 61.8% expansion of the wave from 0.9755 lower top. Corrective bounce above 0.87 barrier, so far holds below initial 0.8745/55 resistance, Fibonacci 38.2% retracement of 0.8886/0.8658 descend / hourly 55DMA / previous low, with break higher to confirm recovery mode. North heading hourly indicators support the notion, as 4-hour indicators are starting to reverse. However, overall negative structure keeps the downside at risk, with regain of minimum 0.88 barrier, required to ease bear-pressure and delay fresh bears. On the downside, psychological 0.87 level offers initial support, ahead of 0.8676, session low and 0.8658, loss of which to resume larger bears and expose 0.8600 and 0.8543, 50% retracement of multi-year 0.6007/1.1079 rally.

Res: 0.8745; 0.8755; 0.8800; 0.8832

Sup: 0.8700; 0.8676; 0.8658; 0.8600

The Euro remains in near-term sideways mode under 1.37 barrier that so far offers solid resistance and keeps the upside capped. Hourly structure is neutral, while positive tone prevails on 4-hour chart, keeping the upside favored. With the downside being protected at lowered range floor at 1.3652, near 38.2% retracement of 1.3529/1.3738 and price action underpinned by hourly 55DMA / 4-hour 20DMA / daily cloud top, fresh attacks at 1.37 hurdle will remain in play. Otherwise, further easing below 1.3652 would delay bulls for deeper correction, with 1.36 zone, Fibonacci 61.8% retracement, required to hold. Break above 1.37 and spike high at 1.3615/38, to resume larger rally off 1.3506 and expose 1.38 resistance zone.

Res: 1.3687; 1.3700; 1.3715; 1.3738

Sup: 1.3665; 1.3652; 1.3634; 1.3600

http://mediaserver.fxstreet.com/Repo...0128092633.png

Cable regained positive tone on extension of bounce from 1.6472, yesterday’s fresh low, as regain of 1.66 handle brought hourly bulls back in play. With 4-hour structure being positive, near-term focus remains at fresh peak at 1.6668. Corrective action, however, is expected to precede fresh rally, with good support at 1.6565, higher platform and 38.2% of 1.6472/1.6623 upleg, reinforced by 55DMA and seen as ideal reversal point. Downside risk would increase in case of stronger reversal and violation of 1.6530, Fibonacci 61.8% retracement and 1.6515, previous high of 10 Jan.

Res: 1.6623; 1.6642; 1.6668; 1.6700

Sup: 1.6587; 1.6565; 1.6530; 1.6515

The pair holds in near-term corrective phase off fresh low at 101.75, following two-legged descend from 104.83, 23 Jan lower top. Overall negative tone, established after repeated rejections at 105 hurdle and acceleration lower, keep the downside favored in the near-term, with fresh leg lower seen on a completion of corrective rally. Crack of initial 102.70 resistance, opens more significant 103.00 barrier, Fibonacci 38.2% of 104.83/101.75 descend, reinforced by hourly 55DMA and pivotal 103.57, 24 Jan lower top / near 61.8% retracement, where rallies should be ideally capped. Otherwise, break here would sideline near-term bears and shift focus higher. Initial support lies at 102.50, daily cloud top, ahead of 102.15 higher low and 101.75 low, loss of which to confirm bearish resumption and expose immediate target at 101.60, 06 Dec low.

Res: 103.16; 103.29; 103.57; 104.00

Sup: 102.50; 102.18; 101.75; 101.60

The pair regained ground following last week losses, as extension of corrective rally from fresh low at 0.8658, broke above previous **** at 0.8755 and cracked psychological 0.8800 barrier, also Fibonacci 61.8% of 0.8886/0.8658 descend, reinforced by 4-hour 55DMA. Positive hourly conditions see potential for further upside, however, weak 4-hour structure, keeps the downside risk in play while barriers at 0.8800/30 stay intact. Clear break here to confirm recovery and open key near-term barrier and breakpoint at 0.8886, 22 Jan high. Alternatively, lower top formation under the latter and fresh leg lower, would be likely near-term scenario.

Res: 0.8832; 0.8886; 0.8921; 0.8950

Sup: 0.8750; 0.8700; 0.8676; 0.8658

The Euro’s near-term tone is negatively aligned, as repeated rejection s at 1.37 barrier increased downside pressure. Extension below initial supports at 1.3660/50 tested main bull-trendline off 1.2754, 2013 low at 1.3630, also mid-point of 1.3529/1.3738 upleg, with support being reinforced by daily Tenkan-sen line and 4-hour 55DMA. Larger picture shows neutral tone, as the price consolidates last week’s rally. More bearish tone would be seen in case of violation of 1.3620/00 support zone that will confirm near-term top and expose lower targets at 1.3550 and 1.3500 zone. Otherwise, while 1.3600/20 supports hold, the upside attempts will remain in play in the near-term. Clear break above 1.37 handle is required to confirm bullish resumption.

Res: 1.3687; 1.3700; 1.3715; 1.3738

Sup: 1.3646; 1.3625; 1.3609; 1.3580

Cable’s hourly structure is neutral, while 4-hour studies maintain positive tone, established on recovery rally from 1.6472 to 1.6623 so far. Narrow consolidation under 1.66 barrier is under way and expected to precede fresh attempt higher, while the price holds above 1.6544/34, bull-trendline off 1.6307 low / yesterday’s pullback low and Fibonacci 61.8% of 1.6472/1.6623 upleg. Break here would bring bears back in play and risk lower top formation.

Res: 1.6593; 1.6623; 1.6642; 1.6668

Sup: 1.6559; 1.6544; 1.6534; 1.6515

The pair remains in near-term corrective phase off fresh low at 101.75, posted on 27 Jan. Hourly structure improves, as the price sustains above 103 barrier, with fresh extension higher retracing over 50% of 104.83/101.75 fall. However, overall negative tone, established after repeated rejections at 105 hurdle and acceleration lower, would keep the downside vulnerable, as 4-hour studies are negative. Regain of previous strong supports at 103.90/104.00 is required to improve and sideline downside risk and shift near-term focus higher. Otherwise, risk of lower top formation would remain in play. Initial supports lay at 103.00 and 102.75, daily cloud top, below which downside acceleration would open 102.50 and 102.18.

Res: 103.43; 103.57; 103.90; 104.22

Sup: 103.00; 102.75; 102.50; 102.18

The pair holds positive near-term tone, as extension of corrective rally from fresh low at 0.8658 probed above psychological 0.8800 barrier, also Fibonacci 61.8% of 0.8886/0.8658 descend and 4-hour 55DMA. Positive hourly conditions see potential for further upside, as 4-hour studies are gaining momentum. Break above fresh recovery tops at 0.8819/24 to confirm recovery and open key near-term barrier and breakpoint at 0.8886, 22 Jan high, with corrective actions to be ideally contained at 0.8760/50 zone, to keep fresh near-term bulls in play. On the larger picture, however, bears remain firmly in play and see resumption of larger downtrend upon completion of corrective phase.

Res: 0.8824; 0.8856; 0.8886; 0.8921

Sup: 0.8760; 0.8750; 0.8700; 0.8676

The Euro ended week in red, following last week’s sell-off from 1.37 resistance zone, where gains were rejected in several attempts. Fresh acceleration lower eventually broke below near-term platform and congestion floor at 1.35 zone, with fresh low posted at 1.3478, where the price entered consolidative phase. Oversold near-term studies favor further consolidative/corrective action, with initial resistance at 1.35 zone, being tested for now, ahead of 1.3540, 30/31 Jan consolidation floor and 23.6% retracement of 1.3738/1.3478 descend and 1.3580 previous congestion top and Fibonacci 38.2% retracement, where rallies would face solid resistance. Violation of the latter and psychological 1.3600 barrier, 50% retracement / daily Tenkan-sen line, is required to sideline bears. Otherwise fresh leg lower will look for test of initial targets at 1.3457, Fibonacci 38.2% of 1.2754/1.3892; 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400, seen in extension, with 200SMA at 1.3370 expected to come in near-term focus. Negative technicals on the larger picture favor further downside.

Res: 1.3508; 1.3540; 1.3580; 1.3600

Sup: 1.3478; 1.3457; 1.3435; 1.3400

Cable remains under pressure and ended week in red, as the third wave of the weakness from 1.6668 that commenced from 1.6623, met its 100% expansion at 1.6427, with price probing below psychological / higher platform support at 1.6400. Break lower to open 1.6352, Fibonacci 138.2% expansion, ahead of key near-term support at 1.6307, 17 Jan low, extension to which to confirm full-retracement of 1.6307/1.6667 upleg, with break lower to confirm reversal off 1.6668 and spark stronger correction of broader uptrend that started from 1.48 ****. Near-term technicals remain negative, with daily studies building bearish momentum and keeping the downside in near-term focus. Initial resistances lay at 1.6440 and 1.6480, with psychological 1.65 barrier expected to cap corrective rallies.

Res: 1.6440; 1.6480; 1.6500; 1.6525

Sup: 1.6379; 1.6336; 1.6307; 1.6260

The pair remains in near-term consolidative phase above fresh low of 27 Jan at 101.75, with basing attempt seen at 102 support and upside attempts capped at 102.40. Negative tone prevails on lower timeframes studies and keeps the downside under pressure, as long as initial 102.40 barrier caps. Any extension higher would shift focus towards the upper range boundary at 103 zone, Fibonacci 38.2% of 104.83/101.75 / 4-hour 55SMA, above to sideline downside risk and expose pivotal 103.43 barrier, 29 Jan lower top. Otherwise, risk of losing 102.00 and 101.75 handles would remain in play, with fresh bearish extension seen towards strong support at 101.00, round figure support, 50% retracement of 96.55/105.43 ascend and daily 100SMA.

Res: 102.40; 102.80; 103.00; 103.43

Sup: 101.83; 101.75; 101.60; 101.00

The pair continues to trade within one-week 0.8700/0.8820 range, with neutral tone prevailing in near-term studies. Break of either side of the range is required to define near-term direction, as break higher would signal an end of consolidative phase and resume recovery off 0.8658, with key near-term barrier at 0.8886, 22 Jan high, expected to come in focus. Alternatively, loss of range floor and higher low at 0.8700, which was briefly tested last Friday, would weaken the structure and re-expose key support at 0.8658, 24 Jan fresh low, below which would trigger extension of multi-year downtrend from 1.1079, 2011 peak.

Res: 0.8800; 0.8824; 0.8871; 0.8886

Sup: 0.8737; 0.8709; 0.8676; 0.8658

The Euro trades in near-term corrective phase, off fresh low at 1.3475, where the basing attempt is under way. Positive hourly structure, improved on regain and close above 1.35 handle sees potential for further upside, as the price attempts above yesterday’s highs at 1.3534. Extension to last Friday’s high at 1.3572, also Fibonacci 38.2% of 1.3738/1.3475 descend, is required to confirm near-term bottom and open way for further recovery, however, limited upside action is seen on negative larger timeframes studies. Strong barrier at 1.3 zone, 50% retracement / daily cloud **** / Tenkan-sen line, reinforced by daily 20 and 100SMA’s, is seen capping upside attempts for now. On the downside, first support lies at 1.3503, ahead of more significant 1.3475 platform, loss of which to signal resumption of bear-leg from 1.3738 and open 1.3457, Fibonacci 38.2% of 1.2754/1.3892; 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400.

Res: 1.3540; 1.3572; 1.3600; 1.3638

Sup: 1.3503; 1.3475; 1.3457; 1.3435

Cable remains under strong, as fresh acceleration through psychological 1.64 support, eventually broke below key near-term support and higher low at 1.6307, completing 1.6307/1.6668 bull-leg. Loss of pivotal 1.6307 support, signals further correction of larger 1.5853/1.6668 rally, as the fall cracked 50% retracement at 1.6262, with next targets standing at: 1.6236, 100SMA; 1.6215, daily cloud ****; 1.6200, round figure and 1.6164, Fibonacci 61.8% retracement. Overall bearish tone keeps downside firmly in focus, with weakness to be interrupted by corrective rallies on oversold near-term technicals. Previous low at 1.6307 offers initial resistance, ahead of 1.6365, yesterday’s intraday high, with 1.6400 zone, also Fibonacci 38.2% of 1.6623/1.6255 downleg, expected to limit upside attempts.

Res: 1.6315; 1.6365; 1.6400; 1.6440

Sup: 1.6255; 1.6236; 1.6215; 1.6200

The pair came under increased pressure after recovery attempts were capped under 103 barrier and fresh acceleration lower broke below near-term **** at 101.75. Fresh bears took out another strong support at 101, 50% retracement of 96.55/105.43 ascend and daily 100SMA, on extension to 100.74 so far. Near-term consolidative phase is under way, with limited upside action seen on overall negative picture. Previous lows at 101.75/83, along with psychological 102.00 barrier, offer solid resistance and should ideally cap recovery rallies, before fresh leg lower. Extension below 100.74 is expected to open psychological 100 support, reinforced by 200SMA.

Res: 101.37; 101.57; 101.75; 102.00

Sup: 100.74; 100.72; 100.00; 99.56

The pair eventually broke above one week congestion tops at 0.8820 zone, with acceleration higher, clearing another important barrier at 0.8886, 22 Jan lower top and cracking psychological 0.89 barrier. Near-term technicals turned positive on a rally and see scope for further recovery, as the pair has established fresh direction after being congested within 0.8700/0.8820 rage. Immediate target lies at 0.8921, Fibonacci 61.8% retracement of 0.9084/0.8658 downleg, ahead of 0.8983, Fibonacci 76.4% retracement and psychological 0.9000 barrier, also 03 Jan high, seen in extension. Overbought hourly conditions, however, suggest consolidative/corrective action preceding fresh push higher, with previous range tops at 0.8820 zone, expected to contain.

Res: 0.8913; 0.8921; 0.8983; 0.9000

Sup: 0.8860; 0.8824; 0.8800; 0.8770

The Euro is unchanged and moves within narrow consolidative range of 1.3490 and 1.3535, with hourly studies in neutral mode. Overall negative tone, however, keeps the downside at pressure, as corrective attempt from 1.3475 low is so far capped by falling 4-hour 20SMA, keeping more significant barriers at 1.3580 and 1.3600 intact for now. Fresh weakness below 1.3500/1.3475 supports to open 1.3457, Fibonacci 38.2% of 1.2754/1.3892 then 1.3435, Fibonacci 76.4% of 1.3294/1.3738 upleg and psychological / higher platform support at 1.3400 in extension. On the upside, break above pivotal 1.3600 resistance zone, 50% retracement of 1.3738/1.3475 / daily Ichimoku cloud ****, would provide relief.

Res: 1.3540; 1.3572; 1.3600; 1.3638

Sup: 1.3492; 1.3475; 1.3457; 1.3435

Cable rides on the fourth, corrective wave, as a part of larger downtrend from 1.6668, 24 Jan peak, after the third wave extended below its 161.8% expansion and ended at 1.6255. The fourth wave could travel to 1.6400 barrier, where gains should be ideally capped, with the fifth wave expected to extend towards 1.6200/1.6150 zone, where daily cloud **** and Fibonacci 61.8% retracement of 1.5853/1.6668, offer supports. Only break above 1.6400 barrier would delay bears and allow for stronger recovery towards 1.6440/80 barriers.

Res: 1.6343; 1.6400; 1.6440; 1.6500

Sup: 1.6289; 1.6255; 1.6236; 1.6215

The pair enters near-term corrective mode after finding good support at 100.74, with corrective rally being capped by previous low at 101.75, also hourly 55SMA. With hourly studies losing traction and 4-hour technicals maintaining negative tone, upside attempts are seen limited and downside risk remains in play. Violation of initial 101 support is expected to open hourly double-bottom at 100.74, loss of which to resume broader bears off 105.43 and expose psychological 100 support, reinforced by 50% retracement of 96.55/105.43 rally and 200SMA. Only break above psychological 102 barrier and 102.50, Fibonacci 38.2% retracement, would delay bears.

Res: 101.75; 102.00; 102.50; 102.92

Sup: 101.00; 100.74; 100.42; 100.00

The pair trades in near-term consolidative phase, after fresh bulls were triggered on a break above one week congestion tops at 0.8820 zone, with acceleration through important barrier at 0.8886, 22 Jan lower top and psychological 0.89 barrier, posting fresh 3-week high at 0.8940. The pullback off 0.8940 was so far contained by daily Kijun-sen line at 0.8870 that marks consolidation floor, however, weakening hourly studies cannot rule out further easing. Next support lies at 0.8859, Fibonacci 38.2% of 0.8729/0.8940 upleg and 0.8835, 50% retracement, with dips expected to hold above previous congestion tops at 0.8820 zone, to keep fresh bulls in play. Extension of the uptrend through temporary cap at 0.8940 is expected to focus 0.9000, psychological resistance / 03 Jan high and key barrier at 0.9084, 13 Jan peak, in extension.

Res: 0.8906; 0.8940; 0.8983; 0.9000

Sup: 0.8870; 0.8859; 0.8824; 0.8800

The Euro holds neutral near-term tone, fluctuating within three-day range, with spikes above range tops showing lack of strength for more significant action higher and attempt at pivotal 1.3580/1.3600 barriers. Neutral hourlies and still weak 4-hour studies, see scope for prolonged sideways movements, with today’s ECB release expected to trigger stronger action. Break above strong 1.36 resistance zone, daily 20/100SMA’s bear-cross; daily Tenkan-sen line and mid-point of 1.3738/1.3475 fall, would spark stronger rally and mark near-term bottom. Fibonacci 61.8% retracement at 1.3638, offers next barrier, ahead of 1.3680 and 1.3700. On the downside, violation of range floor at 1.35 zone, to open 1.3475 **** and signal resumption of bear-phase from 1.3892, 27 Dec peak. Negative daily studies support bearish scenario for now.

Res: 1.3538; 1.3554; 1.3572; 1.3600

Sup: 1.3492; 1.3475; 1.3457; 1.3435

Cable entered near-term consolidative phase, as the fourth wave off 1.6255 low, lacked strength for extension towards its ideal cap at 1.6400. Price action is congested between 1.6255 and 1.6343 range, with neutral hourly tone confirming sideways mode. However, prevailing negative tone on larger timeframes keeps the downside pressured and sees scope for resumption of larger bear-trend from 1.6668 peak, after completion of consolidative phase. Break below 1.6255 support to open 1.6215, daily cloud **** and 1.6165, Fibonacci 61.8% retracement of 1.5853/1.6668 upleg. Only bounce through 1.64 hurdle, also Fibonacci 38.2% of 1.6623/1.6255 and 4-hour 55SMA, would delay immediate bears and open 1.6440, 50% retracement and 1.6480, 61.8% instead.

Res: 1.6343; 1.6400; 1.6440; 1.6480

Sup: 1.6255; 1.6236; 1.6215; 1.6165

The pair remains in near-term corrective phase off 100.74, with corrective rally being capped by previous low at 101.75, also 4-hour 20SMA. Lack of strength to break above 101.75 hurdle, keeps near-term price action in sideways mode. Hourly studies are in neutral mode, while 4-hour technicals remain weak that sees upside attempts limited and downside risk remaining in play. Violation of initial 101 support is expected to open hourly double-bottom at 100.74, loss of which to resume broader bears off 105.43 and expose psychological 100 support, reinforced by 50% retracement of 96.55/105.43 rally and 200SMA. Only break above psychological 102 barrier and 102.50, Fibonacci 38.2% retracement, would delay bears.

Res: 101.75; 102.00; 102.50; 102.92

Sup: 101.30; 101.00; 100.74; 100.42

The pair resumed bulls after ending near-term consolidative phase below 0.8940, with fresh extension higher, approaching next targets at 0.8983, Fibonacci 76.4% of 0.9084/0.8658 and 0.9000, 0.9000, psychological barrier / 03 Jan high. Positive near-term technicals keep the upside favored, with clearance of 0.9000 handle, expected to open way for full retracement of 0.9084/0.8658 descend. Regain of key 0.9084 resistance is required to confirm **** and possibly spark stronger correction that would sideline overall bears, as daily studies show strong bullish momentum. Previous highs at 0.8940, offer initial support, ahead 0.8900, round figure / hourly 55SMA and 0.8870, higher low / daily Kijun-sen line, where dips should find solid support.

Res: 0.8983; 0.9000; 0.9056; 0.9084

Sup: 0.8940; 0.8900; 0.8870; 0.8830

The Euro has established positive near-term tone on a bounce from 1.3480 zone, where the pair built a ****. Extension above 1.36 barrier retraced over 61.8% of 1.3738/1.3475 downleg, on extension to 1.3642, keeping the upside in near-term focus. Fresh strength attempts to cover overnight minor gap, to extend the upleg from 1.3550 higher low, towards next hurdles at 1.3680/1.3700, 50% of 1.3892/1.3475 / 14 Jan peak, clearance of which to expose important resistance and breakpoint at 1.3735, Fibonacci 61.8% retracement / 24 Jan peak and daily cloud top. Near-term studies remain positive and support further bulls. Initial support lies at 1.3615, session low, ahead of 1.3600 support, daily Kijun-sen line, near daily cloud **** and 1.3580, Fibonacci 38.2% of 1.3482/1.3642 rally, where corrective dips should be ideally contained. Only break below 1.3550 higher low would neutralize near-term bulls.

Res: 1.3642; 1.3635; 1.3680; 1.3700

Sup: 1.3615; 1.3600; 1.3580; 1.3550

http://mediaserver.fxstreet.com/Repo...0210090759.png

Cable’s near-term structure improved, as the price broke above 1.6350 congestion top and probed above 1.64 barrier, where near-term consolidation is under way. Fresh bulls on 4-hour chart are supportive for further recovery towards Fibonacci resistances of 50% and 61.8% of 1.6623/1.6250 at 1.6437 and 1.6481. However, regain of 1.6500 barrier is required to shift focus towards the upper limits of near-term congestion. Otherwise, more downside risk could be anticipated in case of failure to sustain break above 1.64 handle. Overbought hourly studies warn of correction, with previous range tops at 1.6350, also near Fibonacci 38.2% retracement of 1.6250/1.6426 rally, seen as ideal reversal point.

Res: 1.6426; 1.6437; 1.6481; 1.6500

Sup: 1.6390; 1.6359; 1.6338; 1.6300

The pair remains in near-term corrective phase off 100.74, with fresh extension higher peaking at 102.63, above 38.2% retracement of 105.43/100.74 descend. Overnight gap-higher was expected to confirm bulls, however, pullback that filled the gap and pressures psychological 102 support, suggests more significant corrective action. Break below 102 handle, also near 38.2% of 100.79/102.63 rally, reinforced by hourly 55SMA, would be seen as a trigger for further easing towards 101.75, previous congestion top and 50% retracement and 101.50, 61.8%, below which bears are expected to take control. Resumption of the uptrend through 102.63 peak, opens lower top at 102.92 and 103.09, 50% retracement of 105.43/100.74 and key near-term barrier at 103.43, 29 Jan lower top in extension.

Res: 102.45; 102.63; 102.92; 103.09

Sup: 101.90; 101.75; 101.50; 101.00

The pair consolidates recent gains that peaked ticks below psychological 0.9000 barrier, with near-term price action being so far contained at 0.8920. Hourly studies, however, are turning negative and 4-hour indicators losing traction that indicates corrective action in the near-term. Break below initial 0.8920/00 supports, is expected to open hourly higher **** 0.8870, also Fibonacci 38.2% of 0.8658/0.8998 ascend and reinforced by 4-hour 55SMA, where the pullback should find a footstep and keep near-term bulls in play. On the upside, lift above 0.9000 barrier is required to open key resistance at 0.9084, 13 Jan peak, while alternative scenario sees loss of 0.8870 handle as a trigger for further easing that would sideline near-term bulls.

Res: 0.8998; 0.9056; 0.9084; 0.9100

Sup: 0.8920; 0.8900; 0.8870; 0.8820

The Euro’s corrective phase off 1.3480 **** rides on the third wave that commenced from 1.3550 and reached nearly 100% Fibonacci expansion, on fresh extension to 1.3677. The wave could travel to 1.3738, 24 Jan peak, also its 138.2% expansion, once the price clears initial 1.3685 resistance, lover platform of 28/29 Jan / Fibonacci 100% expansion. Positive near-term technicals support the notion, however, overbought conditions on lower timeframes, see corrective action before fresh push higher. Initial supports at 1.3620, yesterday’s higher platform and 1.3600, Fibonacci 38.2% of 1.3482/1.3677 rally, should ideally keep the downside protected, as 20/55 SMA’s bullish cross at 1.3575 underpins.

Res: 1.3680; 1.3700; 1.3738; 1.3800

Sup: 1.3620; 1.3600; 1.3580; 1.3550

http://mediaserver.fxstreet.com/Repo...0211090634.png

Cable’s near-term structure remains positive but the price lack momentum for sustained break above 1.64 handle, as near-term price action stays congested within 1.6380/1.6433 range. The upside is for now capped by daily Ichimoku cloud top / Tenkan-sen line and 20SMA, while hourly 55SMA protects the downside. Lift above initial 1.6433 hurdle is required to confirm resumption of bull-leg from 1.6250 **** and open 1.6459, 50% of 1.6623/1.6250, with psychological 1.6500 hurdle, also Fibonacci 61.8%, seen in extension. Slide under 1.6380 ****, would delay, while extension below 1.6350, previous consolidation top, would neutralize near-term bulls.

Res: 1.6433; 1.6459; 1.6500; 1.6524

Sup: 1.6380; 1.6363; 1.6350; 1.6320

The pair remains steady as extension of corrective phase off 100.74, peaked at 102.63, above 38.2% retracement of 105.43/100.74 descend, with subsequent consolidation under way. Corrective dips were so far contained at psychological 102.00 support, reinforced by 4-hour 20SMA, with near-term price action moving within 102.00/40 range. Hourly studies are neutral, while positive tone prevails on 4-hour chart and keeps near-term focus at the upside. Fresh strength through 102.63 to open 102.92/103.09, 31 Jan lower top / Fibonacci 50% of 105.43/100.74, with regain of key 103.43 lower top of 29 Jan, required to complete 103.43/100.74 descend and confirm bottom at 100.74, for stronger recovery. Otherwise, loss of 102.00 handle and next significant support at 101.75, would soften near-term tone and risk further easing.

Res: 102.39; 102.63; 102.92; 103.09

Sup: 102.00; 101.75; 101.50; 101.00

The pair resumes rally from 0.8658 low, as completion of near-term consolidative phase resulted in break above psychological 0.9000 barrier. This open way for extension towards key near-term barrier at 0.9084, 13 Jan peak / near Fibonacci 38.2% retracement of 0.9755/0.8658, to complete 0.9084/0.8658 bear-phase and confirm near-term **** for further retracement of multi-month descend from 0.9755 to 0.8658. Positive near-term studies remain supportive for such scenario, however, corrective action on overbought conditions is likely to precede final push to 0.9084 target. Initial support lies at 0.8900 higher platform, ahead of 0.8870, which should not be exceeded in case of stronger pullback.

Res: 0.9056; 0.9084; 0.9100; 0.9165

Sup: 0.9000; 0.8940; 0.8900; 0.8870

The Euro moves in the fourth corrective wave, after the third wave off 1.3550 higher low, met its 100% Fibonacci expansion at 1.3680. Corrective pullback should be ideally contained at 1.3620 zone, *****alent to the length of the second wave, near 50% retracement of 1.3550/1.3682 upleg and broken bull-trendline off 1.3738, to keep immediate bulls intact. The fifth wave is expected to travel to its initial target at 1.3740, 138.2% expansion and previous peak of 24 Jan, above which to open significant 1.38 resistance zone. Alternatively, slide below 1.36 support, also Fibonacci 61.8% of 1.3550/1.3682, would neutralize wave principles and trigger fresh weakness towards 1.3550, 02 Feb higher low and 1.35 **** in extension.

Res: 1.3682; 1.3700; 1.3738; 1.3800

Sup: 1.3620; 1.3600; 1.3580; 1.3550

Cable’s near-term structure remains positive, as the price eventually broke above near-term congestion between 1.6380 and 1.6435, peaking at 1.6486 so far. Positive near-term studies support attempt through psychological 1.65 barrier, near 61.8% retracement of 1.6668/1.6250 descend, to re-focus key resistances at 1.6623 and 1.6668, 28 / 24 Jan peak and confirm **** at 1.6250. Daily cloud top at 1.6434 offers immediate support, ahead of strong 1.6400/1.6380 support zone, where 4-hour 20/55SMA’s bull-cross underpins.

Res: 1.6433; 1.6459; 1.6500; 1.6524

Sup: 1.6438; 1.6400; 1.6380; 1.6340

The pair remains steady and posted marginally higher high at 102.69 on extension of corrective phase off 100.74. Consolidative action is signaled by reversing hourly indicators, however, overall bullish tone keeps the upside in focus, with next targets at 102.84 and 103.09, Jan lower top / Fibonacci 50% of 105.43/100.74 and key 103.43 lower top of 29 Jan, seen in extension. To maintain positive structure, higher **** at 102 zone, should keep the downside protected. Otherwise, break lower would weaken the structure and trigger fresh weakness.

Res: 102.69; 102.92; 103.09; 103.43

Sup: 102.35; 102.00; 101.75; 101.50

The pair resumes rally from 0.8658 low and stabilizes above psychological 0.9000 barrier. Fresh bulls approach key near-term barrier at 0.9084, 13 Jan peak / near Fibonacci 38.2% retracement of 0.9755/0.8658, to complete 0.9084/0.8658 bear-phase and confirm near-term **** for further retracement of multi-month descend from 0.9755 to 0.8658. Positive near-term studies support the notion. Corrective dips would face solid support at 0.9000, where the price built a higher ****, also 38.2% retracement of 0.8906/0.9066 upleg, with key support and pivotal point laying at 0.8900 higher platform / Fibonacci 38.2% retracement of the entire 0.8658/0.9066 rally.

Res: 0.9066; 0.9084; 0.9100; 0.9165

Sup: 0.9046; 0.9000; 0.8965; 0.8940

The Euro nearly fully recovered yesterday’s losses, when the price accelerated lower after losing 1.3620/00 support. Sharp fall found support at 1.3561, Fibonacci 61.8% retracement of 1.3482/1.3682 rally, with subsequent bounce to 1.3636 so far, marking 61.8% retracement of two-legged descend from 1.3682 to 1.3561. Hourly studies are weak, while 4-hour indicators stand at their midlines. Regain of yesterday’s high at 1.3651 is required to confirm reversal and avert risk of lower top formation and fresh slide, as the price broke above bear-trendline off 1.3680 peak. Initial support at 1.3600, Fibonacci 38.2% of 1.3561/1.3636 upleg and hourly 10/20 SMA’s bull-cross, should ideally contain corrective dips. Break above 1.3651 to confirm higher low at 1.3561 and re-focus peaks at 1.3680 zone. Alternatively, loss of 1.36 handle would keep near-term bears in play. Next supports lay at 1.358 higher **** / daily Tenkan-sen and key level at 1.3561, yesterday’s low.

Res: 1.3651; 1.3682; 1.3700; 1.3738

Sup: 1.3600; 1.3580; 1.3561; 1.3530

The pair maintains bullish near-term structure, with eventual break above psychological 1.66 barrier, signals attempt for full retracement of 1.6668/1.6250 bear-leg. As the price regains the last hurdle at 1.6623, the way opens towards 1.6668, year-to date high and break here to trigger resumption of multi-month uptrend from 1.4812, 2013 low, towards next hurdles at 1.6737/45, 2011 peaks. Positive near-term studies are supportive, with hesitation on approach to the key barrier at 1.6668, seen on overbought lower timeframes studies. Key near-term supports lay at 1.6500/1.6480 and should contain any stronger pullbacks.

Res: 1.6668; 1.6700; 1.6737; 1.6745

Sup: 1.6600; 1.6570; 1.6534; 1.6500

The pair remains within near-term consolidative range, with near-term studies losing traction, as the price cracked the range floor at 102 zone, following repeated upside rejection at 102.69. Hourly indicators moved into negative territory, with 4-hour studies losing momentum that keeps the downside at risk. Firm break below 102 handle, also 38.2% retracement of 100.74/102.69 corrective rally, would further weaken the structure for extension towards supports at 101.50, Fibonacci 61.8% and 101.20 higher low, to confirm lower top formation. On the upside, clearance of initial 102.69 barrier and regain of 102.92/103.07 hurdle is required to neutralize and signal resumption of near-term recovery rally from 100.74 low.

Res: 102.20; 102.69; 102.92; 103.09

Sup: 101.95; 101.75; 101.50; 101.20

The pair fell sharply after losing 0.9000 handle, with acceleration lower, finding support at 0.8926, where daily 55SMA contained fall, keeping important 0.8900 support, higher platform / Fibonacci 38.2% retracement of 0.8658/0.9066 rally intact for now. Near-term studies are weaker, however, bulls are still present on 4-hour chart studies that keeps larger picture bullish outlook intact for fresh attempt higher. Bounce requires regain of 0.9000 barrier, also 50% of entire 0.9066/0.8926 fall, to avert downside risk and confirm higher low at 0.8926. Conversely, loss of 0.89 handle, would further weaken near-term tone and signal further correction, with next good support laying at 0.8870, 05 Feb higher low / daily Tenkan-sen / Kijun-sen bull-cross.

Res: 0.8980; 0.9000; 0.9033; 0.9066

Sup: 0.8926; 0.8900; 0.8870; 0.8824

The Euro remains steady and eventually broke above psychological / daily cloud top 1.37 barrier, on fresh extension to 1.3723. Clearance of the last obstacle at 1.3715, 27 Jan high, opens way towards key barrier and 24 Jan peak at 1.3738 and near Fibonacci 61.8% retracement of 1.3892/1.3475 descend. Completion of 1.3738/1.3475 bear-phase is expected to trigger fresh rally, as the third wave that commenced from 1.3561 higher low, broke above its 76.4% expansion, aiming towards 1.3765, 100% Fibonacci expansion, regain of which to validate wave principles. The wave could travel to 1.3842, its 138.2% expansion, once 1.3765 barrier is cleared, with interim resistances laying at 1.38 zone, previous tops of Oct/Dec 2013. Technical outlook is positive and favors further upside, with consolidative phase near 1.37 handle, expected to precede fresh leg higher. Initial support lies at 1.3680, previous peak / minor platform, ahead of 1.3660, Fibonacci 38.2% of 1.3561/1.3723, where dips should find solid support.

Res: 1.3723; 1.3738; 1.3765; 1.3800

Sup: 1.3680; 1.3660; 1.3620; 1.3600

The pair continues to trend higher, with completion of 1.6668/1.6250 corrective phase, sparking fresh extension that rallied through the next targets at 1.6737/45, also cracking psychological 1.6800 resistance. Strong bulls are expected to pause for corrective pullback, as 4-hour studies are overextended and hourly RSI emerging from overbought territory. Corrective action faces initial supports at 1.6700 and previous peaks at 1.6670 zone, also Fibonacci 38.2% of 1.6424/1.6821 upleg, where dips should be ideally contained. On the upside, next target lies at 1.6877, Nov 2009 peak, above which to expose psychological 1.7000 resistance. Only stronger pullback below 1.66 handle, also Fibonacci 38.2% of larger 1.6250/1.6821 rally, would sideline near-term bulls.

Res: 1.6800; 1.6821; 1.6877; 1.6900

Sup: 1.6730; 1.6700; 1.6670; 1.6620

The pair remains under pressure, as fresh weakness below102.00/101.75 handles, retraced over 61.8% of 100.74/102.69 upleg, on a dip to 101.37 so far, after the price cracked daily cloud **** at 101.44. Near-term structure is negative and keeps the risk of extension below 101.20, Fibonacci 76.4% / 100SMA and psychological 100.00 support, for retest of key near-term support and **** at 100.70 zone. Corrective actions, however, are expected to interrupt bears, with initial barrier at 102.00, lower platform / 50% of 102.69/101.37 descend, ahead of 102.20, Fibonacci 61.8% retracement. Only break above 102.39, 14 Feb lower top / daily 20SMA, would improve near-term structure and shift focus towards 102.69 peak.

Res: 102.00; 102.39; 102.69; 102.92

Sup: 101.70; 101.37; 101.20; 101.00

The pair holds positive near-term tone, as rally from 0.8926, 13 Feb low, reached 0.9068, fully retracing corrective 0.9066/0.8926 phase. Positive near-term technicals are supportive for renewed attempt at key near-term barrier and breakpoint at 0.9084, 13 Jan high, clearance of which to complete 0.9084/0.8658 bear-phase and confirm **** for possible stronger recovery. Break higher to open 0.9100, ahead of 0.9149, 100SMA and 0.9165, 10 Dec 2013 high. Corrective actions face good support at 0.9000 zone, higher platform / Fibonacci 38.2% of 0.8926/0.9068 upleg, with stronger pullback required to hold above strong 0.89 support zone, higher **** and Fibonacci 38.2% of entire recovery rally from 0.8658 to 0.9068.

Res: 0.9068; 0.9084; 0.9100; 0.9149

Sup: 0.9000; 0.8964; 0.8926; 0.8900

The Euro remains in consolidative sideways mode around 1.37 handle, confirmed by yesterday’s Doji candle. The price action moves within 1.3690/1.3723 range, with neutral tone prevailing on hourly studies. On the other side, bullish 4-hour structure keeps the upside favored for fresh extension through pivotal 1.3738 peak, to resume larger uptrend off 1.3480 zone, towards targets at 1.3765, Fibonacci 100 expansion of the wave from 1.3561 and previous congestion tops at 1.38 zone in extension. The downside is for now protected by hourly 55SMA, with possible further easing required to hold above 1.3660, Fibonacci 38.2% retracement of 1.3561/1.3723 upleg / bull-trendline off 1.3482, to keep near-term bulls intact.

Res: 1.3723; 1.3738; 1.3765; 1.3800

Sup: 1.3690; 1.3660; 1.3620; 1.3600

The pair enters corrective phase after fresh bulls cracked 1.68 barrier and peaked at 1.6821, levels last time visited in Nov 2009. Corrective easing probed 1.67 handle, with dips being so far contained by hourly 55SMA. Hourly indicators are reversing higher, while positive 4-hour studies maintain overall bullish tone. However, further easing through 1.6670, previous peaks and Fibonacci 38.2% of 1.6424/1.6821, would keep near-term bulls in play, while the price holds above 1.66 handle, 38.2% retracement of 1.6250/1.6821 rally. Extension above 1.6821 opens next targets at 1.6877, Nov 2009 peak and 1.6900, break of which to bring psychological 1.7000 resistance in focus.

Res: 1.6800; 1.6821; 1.6877; 1.6900

Sup: 1.6694; 1.6670; 1.6620; 1.6600

The price accelerated higher from 101.75 higher low and fully retraced 102.69/101.37 descend on extension to 102.73 so far. This sidelines downside risk and turns near-term focus higher, as 4-hour indicators are breaking into positive territory. Sustained break above 102.70 is required to confirm higher low at 101.75 and resume recovery off 100.74, towards 103.09, 50% retracement of 105.43/100.74 descend and lower top of 29 Jan at 103.43 in extension. However, overbought hourly conditions suggest corrective action should precede fresh rally, with 102.20, Fibonacci 38.2% of 101.37/102.73, seen as ideal reversal point to keep fresh bulls intact. Alternatively, extension below 102 handle, round figure support / 50% retracement, is expected to neutralize bulls.

Res: 102.69; 102.92; 103.09; 103.43

Sup: 102.40; 102.20; 102.00; 101.75

The pair consolidates recent gains off 0.8926 low that peaked at 0.9079. Consolidative range is established within 0.9015 and 0.9079, with near-term term price action being near the lower boundary, following repeated upside rejection that left marginally higher high at 0.9079. Further easing below 0.9000 handle and trendline support at 0.8990 would delay immediate bulls and keep the price within larger congestion of 0.8900/0.9079 and only break below 0.8900 zone, higher platform / Fibonacci 38.2% of 0.8658/0.9079 would neutralize. Near-term studies are losing traction and support such scenario. However, overall bullish tone sees fresh extension of recovery rally, once consolidative action is completed. Break above pivotal 0.9084 barrier to open 0.9146, 100SMA and 0.9165, 10 Dec 2013 high.

Res: 0.9079; 0.9084; 0.9146; 0.9165

Sup: 0.9013; 0.9000; 0.8984; 0.8926

The Euro consolidates recent gains that peaked at 1.3772, with acceleration lower cracking strong 1.3690 support, higher platform and bull-trendline off 1.3482, reinforced by 4-hour 55SMA. Fresh slide weakened hourly structure, however, larger picture bulls will remain in play, while pivotal 1.3690 support holds. Break lower to trigger stronger correction and mark near-term top at 1.3772 that would keep upside targets at 1.3800/30 on hold. Otherwise, fresh attempt higher would remain in near-term agenda.

Res: 1.3723; 1.3761; 1.3772; 1.3800

Sup: 1.3690; 1.3666; 1.3642; 1.3613

Cable’s corrective pullback off fresh high at 1.6821, posted on 17 Feb, attempts to stabilize above important 1.6600, where Fibonacci 38.2% retracement of 1.6250/1.6821 upleg, reinforced by 4-hour 55SMA / daily Tenkan-sen line, offer solid support. However, caution is required, as hourly indicators are in the negative territory and downside risk expected to remain in play while near-term consolidation range tops at 1.6740 cap. Clear break here to bring bulls back in play and signal **** formation. Conversely, deeper correction could be expected on a break below 1.66 handle, loss of which to open 1.6536, 50% retracement of 1.6250/1.6821 and psychological 1.6500 support in extension.

Res: 1.6694; 1.6740; 1.6800; 1.6821

Sup: 1.6635; 1.6600; 1.6536; 1.6500

The pair remains at the back foot, as upside rejection at 102.73 triggered fresh weakness below important 102 support. Corrective rally left lower top at 102.45, confirming reversal, as the price slide below previous low at 101.84, aiming towards trendline support at 101.62, en-route towards key near-term level at 101.37, 17 Feb low, reinforced by 100SMA. Negative hourly studies and 4-hour chart indicators sliding below the midlines, support the notion. Break below 101.37 to complete near-term corrective phase, confirm double-top formation and signal resumption of broader downtrend from 105.43, 02 Jan peak, towards 100.16, 200SMA and psychological 100 support, also Fibonacci 61.8% retracement of 96.55/105.43 rally. To avert immediate downside risk, regain of strong 102.69/73 peaks is required.

Res: 102.00; 102.45; 102.73; 102.92

Sup: 101.62; 101.37; 101.00; 100.42

The pair came under pressure as consolidative action off 0.9079 peak broke under trendline support at 0.9000 and fresh easing nearly fully retraced 0.8926/0.9079 upleg on a dip to 0.8935 so far. Negative tone is re-established on a lower timeframes studies that keeps the downside at risk. Break below initial 0.8900 zone support, higher platform and Fibonacci 38.2% of 0.8658/0.9079 ascend, would be seen as a trigger for stronger pullback, with 0.8870, 50% retracement and 0.8820, Fibonacci 61.8%, seen as next targets. Otherwise, extended consolidation above 0.8900 handle, would be likely near-term scenario. Overall picture remain bullish for now and keeps upside attempts in the near-term favored.

Res: 0.8978; 0.9011; 0.9043; 0.9079

Sup: 0.8935; 0.8926; 0.8900; 0.8870

The Euro Remains steady and continues to move above bull-trendline off 1.3482, after last week’s fall found ground on strong 1.3700/1.3690 support zone. Friday’s inside day candle suggests further upside, as fresh strength aims towards initial targets at 1.3756/61, 21/20 Feb highs, ahead of key near-term hurdle at 1.3772, 19 Feb high. Overnight’s consolidation above 1.37 handle and fresh extension higher, keeps near-term bulls in play, with technicals on lower timeframes maintaining positive tone. Break above 1.3772 to complete 1.3772/1.3685 corrective phase and open way towards 1.3800/30 and 1.3892, 27 Dec 2013 peak in extension, regain of which to complete larger corrective phase from 1.3892 to 1.3475. Initial support lies at 1.3727, ahead of 1.3700 and pivotal 1.3685 platform, loss of which would be bearish.

Res: 1.3756; 1.3761; 1.3772; 1.3800

Sup: 1.3727; 1.3700; 1.3685; 1.3661

http://mediaserver.fxstreet.com/Repo...0224091917.png

Cable remains in near-term descend off fresh peak at 1.6821, approaching important 1.66 support, Fibonacci 38.2% retracement of 1.6250/1.6821 upleg, reinforced by 4-hour 55SMA and daily Tenkan-sen line. Loss of 1.66 handle is required to confirm reversal and trigger stronger pullback, which will put near-term bulls on hold and open 1.6536, 50% retracement of 1.6250/1.6821 and psychological 1.6500 support in extension. Hourly studies are weak, while 4-hour indicators are breaking into negative territory that supports negative scenario. Alternatively, ability to hold above 1.66 handle would keep the pair protected from immediate risk of further easing, with consolidative phase seen preceding fresh attempt higher, as daily bulls remain in play and 1.66 handle seen as ideal reversal point. Regain of near-term breakpoints at 1.6723/40, is required to bring bulls back in play.

Res: 1.6654; 1.6700; 1.6723; 1.6740

Sup: 1.6610; 1.6600; 1.6536; 1.6500

Near-term bulls lost traction after brief break above key 102.69/73 barrier, as the price stalled at 102.82 and subsequent pullback pressures psychological / Fibonacci 50% / daily Tenkan-sen line support at 102.00. With hourly indicators sliding into negative territory, downside risk will remain in play in the near-term. Loss of 102 handle is required to confirm. On the other side, 4-hour studies hold positive tone that sees the upside in focus while the price holds above 102 support and 101.77, bull-trendline off 100.74. Larger picture, however, is neutral, as studies are mixed and price action entrenched within 101.37/102.82 range, with break of either side to define direction.

Res: 102.45; 102.67; 102.82; 103.09

Sup: 102.15; 102.00; 101.77; 101.37

Near-term structure is negative, as the price’s recovery from 0.8935 failed to sustain gains above psychological 0.9000 barrier and subsequent easing fully reversed 0.8935/0.9021 rally. The downside is for now protected by daily cloud ****, however, negatively aligned near-term studies would keep the downside at risk while the price remains capped under 0.9000, daily Tenkan-sen line and 0.9021, 20 Feb peak, break of which is required to bring fresh bulls in play and signal double-bottom formation. Otherwise, violation of strong 0.8930/00 support zone, would spark resumption of reversal from 0.9079, 18 Feb peak.

Res: 0.8986; 0.9000; 0.9021; 0.9043

Sup: 0.8935; 0.8926; 0.8900; 0.8870

The Euro remains unchanged, as near-term price action holds within 1.3700/70 range, trading in directionless mode. Consolidation is expected to precede fresh leg higher, as overall tone remains positive, as the price moves along with bull-trendline drawn off 1.3482 low. Formation of bullish pennant is shown on 4-hour chart, with break above recent congestion tops and trendline resistance, required to complete the pattern and open next targets at 1.3800/30. Trendline support lies at 1.3726, ahead of breakpoints at 1.3700/85, loss of which will be bearish.

Res: 1.3772; 1.3800; 1.3815; 1.3831

Sup: 1.3726; 1.3700; 1.3685; 1.3661

Cable improved near-term structure on extension of recovery rally from fresh low at 1.6582, which cracked psychological 1.6700 barrier and peaked at 1.6725, where the pair ran out of steam. Stall ahead of 1.6740 breakpoint and subsequent pullback to 1.6660, where the price attempts to stabilize above hourly 55SMA, keeps the downside risk in play, as hourly studies are losing momentum. Slide below 1.660 and yesterday’s spike low at 1.6640, would bring important 1.66 support in near-term focus, with violation of the latter to signal fresh extension of pullback from 1.6821 peak. Conversely, attempt to build near-term ****, requires bounce through 1.6700 barrier to avert immediate downside risk and open 1.6725/40 hurdles for test. Studies on 4-hour chart are in neutral mode, with break of either side, required to define near-term direction.

Res: 1.6700; 1.6725; 1.6740; 1.6800

Sup: 1.6660; 1.6640; 1.6600; 1.6582

Near-term price action is at the back foot, as reversal from 102.82, 21 Feb peak, extended and cracked psychological / trendline support at 102 zone. Hourly studies are improving, as bounce from fresh low at 101.99 reached mid-point of 102.82/101.99 descend at 102.40, however, regain of lower platform at 102.60 is required to confirm reversal and bottom formation. Otherwise, risk of renewed attempt lower and clear break below 102 handle would further weaken near-term structure and open lower boundaries of two-week range, also daily cloud ****, for test.

Res: 102.40; 102.61; 102.82; 103.09

Sup: 102.24; 102.00; 101.57; 101.37

The pair shows no significant changes, as near-term price action remains within 0.8935/0.9079 range, with the price holding at the upper part of the range, following yesterday’s dip to 0.8967 and quick recovery that attempts to stabilize above 0.9000 handle. Hourly technicals are still weak, with downside risk remaining in play. Loss of 0.9000 handle to shift near-term focus towards the lower limits, with 50% and 61.8% retracement levels of 0.8937/0.9048 rally at 0.8993 and 0.8979, seen as next supports, ahead of yesterday’s spike low at 0.8967, loss of which to re-open range floor at 0.8935. On the upside, pivotal resistance lies at 0.9048, clearance of which to expose recent peak and range top at 0.9079.

Res: 0.9024; 0.9048; 0.9079; 0.9100

Sup: 0.9000; 0.8979; 0.8967; 0.8935

The Euro lost ground on yesterday’s acceleration off daily high at 1.3750 zone and broke below strong 1.3700/1.3585 support zone. The fall was interrupted by correction from 1.3660, Fibonacci 38.2% retracement of 1.3482/1.3772 upleg / daily 55SMA, to 1.37 zone, now reverted to resistance. Negative tone established on lower timeframes keeps the downside at risk, as fresh weakness through 1.3660/50, previous low / daily Tenkan-sen line / 20SMA, opens 1.3620, daily 100SMA / near 50% of 1.3482/1.3770 and psychological 1.3600 support, also Fibonacci 61.8% retracement. On the upside, previous consolidation floor at 1.37 zone, reinforced by 4-hour 10/55SMA’s bear cross, offers solid resistance and is expected to cap. Only break and close above here would sideline immediate bears.

Res: 1.3700; 1.3720; 1.3755; 1.3772

Sup: 1.3620; 1.3600; 1.3561; 1.3550

Cable remains in near-term sideways mode, with price action being established within 1.6620 and 1.6725 range. Lack of momentum to sustain gains above 1.67 barrier, triggered pullback to 1.6620, keeping strong 1.66 support intact for now. Neutral tone prevails on near-term studies and sees fresh direction on a break through either of range limits, while larger picture bulls remain in play and see the upside favored, once corrective phase off 1.6821 peak is completed. Ideally, 1.66 handle should keep the downside protected, otherwise broader bulls may be delayed in case the price clearly breaks below 1.66 support.

Res: 1.6700; 1.6725; 1.6740; 1.6800

Sup: 1.6656; 1.6619; 1.6600; 1.6582

Near-term price action enters neutral mode, with price moving within 102.00 and 102.60 range. Psychological 102 support is reinforced by bull-trendline, drawn off 100.79 low and Fibonacci 38.2% retracement of 100.79/102.82 upleg, with break here seen increasing downside risk. On the upside, immediate barriers lay at 102.60, ahead of near-term congestion tops at 102.70, reinforced by daily Kijun-sen line, above which to signal resumption of recovery rally from 100.74, 04 Feb low.

Res: 102.59; 102.82; 103.09; 103.43

Sup: 102.22; 102.00; 101.57; 101.37

The pair came under pressure after the price broke below one–week range floor at 0.8930 zone and Fibonacci 38.2% retracement of 0.8658/0.9079 ascend, attempting at psychological 0.8900 support, also daily Ichimoku cloud ****. Hourly studies are negative and reached oversold zone, while 4-hour indicators broke below their midlines that suggests further downside. Consolidation around 0.89 handle would likely precede fresh leg lower, which is going to test Fibonacci supports of 50% and 61.8% retracement at 0.8869 and 0.8819 respectively, with the latter also marking previous 28/30 Jan consolidation top. Lower tops at 0.8944 and 0.8967 offer initial resistances, while stronger recovery rallies should be ideally capped under psychological 0.9000 resistance, near 61.8% retracement of 0.9048/0.8902 descend.

Res: 0.8944; 0.8967; 0.9000; 0.9024

Sup: 0.8900; 0.8869; 0.8819; 0.8800

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EURUSD managed to reach a two and a half year high on Friday by making a new uptrend high at 1.3914. It has risen above 1.39 for the first time since October 28 2011. There were strong gains on Thursday after the European Central Bank President held rates steady and suggested the central bank wasn’t going to ease policy further in the short term.

From a technical outlook the pair will remain bullish if trading is maintained above 1.38 with targets at 1.3940 and 1.3970

Res: 1.3940, 1.3970, 14015

Sup: 1.3800, 1.3750, 1.3720

Overall still stuck in range trading mode since hitting a high of 1.6820 on the 17th of Feb. We had two failed attempts during last Thursday and Friday to break above 1.6780 resistances, however the most likely outlook still remains upwards if it manages to stay supported by 1.6700

Momentum Indicator RSI(14) is moving sideways indicating the lack of trend strength.

Res: 1.6785, 1.6820, 1.6900

Sup: 1.6700, 1.6670, 1.6640

USDJPY is currently in an uptrend on the H1 Chart. It achieved a trend high at 103.75 on Friday and since then retraced almost 80 pips to 103. We expect it to revisit the 103.75 and attempt at achieving a higher high if it stays supported at 102.80(today’s pivot point).

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

Gold is currently testing a critical level today’s pivot at 1330. If it manages to break this support we will reverse our bullish outlook and look for target 1322 and 1308. The 25 dollar drop during today’s and Fridays sessions comes after it failed for the 4th time to break important resistance 1354 (which is also the current uptrend high).

Res: 1354, 1362, 1375

Sup: 1330, 1322, 1308

No important levels were broken during the previous session as the euro spent it trading within a narrow 40 pip range. This low volatility is reflected in the momentum indicators as we see MACD near the zero level and Momentum (22) at the 100 level. This may continue to be the case until the release of JOLTS Job Openings figure from the US at 14:00 GMT

Res: 1.3940, 1.3970, 14015

Sup: 1.3800, 1.3750, 1.3720

A huge drop of 120 pips for the sterling caused it to break all three previously mentioned supports at 1.6700, 1.6670 & 1.6640. Current low stands at 1.6620 which is also the low we saw on the 27th of Feb which makes it an important support level to pass if current downward momentum is to be maintained

We are expecting UK data at 9:30 GMT Manufacturing Production m/m & Inflation Report Hearings

Res: 1.6685, 1.6730, 1.6785

Sup: 1.6620, 1.6580, 1.6540

Lack of action for the USDJPY as it spent the previous session trading within a 40 pip range failing to break any support or resistance level thus there will be no change from our previous outlook. Resistance remains at the current H1 uptrend high of 103.75 which was reached on the 7th of March.

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

After testing critical level 1330 for the second time(first attempt was last Friday), Gold failed to break it finding support and rising to yesterday’s high of 1344 which is 10 dollars short of our next resistance 1354, indicating weak buying momentum which could be due to lack of important economic figures during the previous session.

Res: 1354, 1362, 1375

Sup: 1330, 1322, 1308

Lack of action again for the euro as we see another day of trading within a narrow 40 pip range. Previous Resistance and support levels still hold as they were not even tested during the last two sessions. We can currently safely say that EURUSD ended its upward trend on the 1 hour chart and now is stuck in a range between 1.3940 and 1.3800.

Res: 1.3940, 1.3970, 1.4015

Sup: 1.3800, 1.3750, 1.3720

Sterling manages to continue the current downtrend on the 1 hour chart by breaking another support level at 1.6620. It achieved a new low at 1.6595. We have downward signals from the momentum indicators MACD and Momentum (22) plus prices are currently below exponential moving average 55 and the Ichimoku Cloud

Res: 1.6650, 1.6685, 1.6730,

Sup: 1.6580, 1.6540, 1.6580

We saw an almost 60 pip drop for the USDJPY during the previous and current session however it failed twice to break current support of 102.80. It currently trading close to that level and testing it for the third time. If it does manage to break it this will open the way for 102.25 & 101.70. However a rise above 103.75 will reverse our outlook

Res: 103.75, 104, 104.35

Sup: 102.80, 102.25, 101.70

Strong upward action from Gold as we saw it break important resistance level 1354 and continue its rise to test 1362. This was the third attempt at breaking 1354, the previous two failed attempts happened on 6th and 3rd of this month. Because of this we will safely say that gold broke out of its range trading mode and we have an upward trend now on the 1 hour chart

Res: 1362, 1375, 1388

Sup: 1337, 1330, 1322,

After 3 trading sessions of narrow trading we finally see EURUSD attempt to make a move. Its currently testing 1.3940 resistance after it successfully broke above previous trend high 1.3915. It’s trading at prices not seen since October 2011. If it does manage to break this resistance it will open the way for 1.3970 and 1.4015. On the H1 we have an uptrend

Res: 1.3940, 1.3970, 1.4015

Sup: 1.3850 1.3800, 1.3750

Today’s rise of almost 70 pips can be considered a reversal of the downtrend on the 1 hour chart for two reasons. First we see the formation of an upside-down head and shoulders pattern and a rise above the 55 exponential moving average. After failing to continue to the previous downtrend, it found support at 1.6580 went up and broke 1.6650 plus tested 1.6685

Res: 1.6685, 1.6730, 1.6780

Sup: 1.6620 1.6580, 1.6540,

After two past failed attempts at breaking 102.80, USDJPY finally was successful in the third try achieving a new low at 102.50 for the current downtrend on the 1 hour chart. It is currently trading close to that low attempting to break it for the second time. Next target is at 102.25

Res: 103.15. 103.75, 104,

Sup: 102.25, 101.70, 101.20

Gold remains strong breaking another resistance level 1362 continuing its uptrend on all time frames. It also tested 1375 resistance. However it’s important to note that on the 4 hour and daily chart RSI(14) is currently above the 70 level which could indicate prices are too high due to overbought conditions. Important thing to note also on the daily chart is that we saw a daily candle close above 1362 which was the high of 28.10.2013.

Res: 1375, 1388, 1400

Sup: 1355, 1345, 1337

The Euro continues to trend higher within daily channel off 1.3475 ****. Near term focus remains at psychological 1.4000 barrier, as the approached the target on extension to 1.3965, seen on 13 Mar. The price action consolidates under the recent top, with downside being so far protected at 1.3840 zone, where 4-hour 55SMA / daily Tenkan-sen line and Fibonacci 38.2% of 1.3642/1.3965 upleg, offer good support. Near-term action moves around 1.39 handle, following last Friday’s upside rejection at 1.3936 and weekly close at 1.39 zone. Hourly studies are losing traction that suggests further consolidation, as 4-hour indicators are in descending mode. However, holding above 1.3840/00 supports zone, would keep overall positive tone and single currency’s stability intact for eventual attack at 1.4000 barrier, break of which to open next targets at 1.4056, Fibonacci 138.2% expansion of the third wave from 1.3672 and psychological 1.4100 hurdle in extension. Conversely, extension below 1.38 handle, 50% retracement and near channel support, would signal stronger pullback and put near-term bulls on hold.

Res: 1.3939; 1.3965; 1.4000; 1.4056

Sup: 1.3876; 1.3840; 1.3800; 1.3765

http://mediaserver.fxstreet.com/Repo...0317092053.png

Cable remains in near-term sideways mode, with price action attempting at the range’s lower boundary, as initial support at 1.6582 was cracked last week on extension to 1.6566. Near-term studies are negatively aligned, with price holding near 1.66 handle, also 38.2% retracement of larger 1.6250/1.6821 ascend, with hourly tone being neutral but 4-hour structure bearish. With downside risk increased, immediate focus lies at lowered range floor at 1.6566, below which to open 1.6536, 50% retracement and psychological 1.6500 support in extension and signal stronger correction of larger upleg from 1.5853 to 1.6821. Otherwise, extended sideways trading would be likely near-term scenario, with regain of lower top at 1.6716, required to improve the structure and shift focus higher.

Res: 1.6650; 1.6700; 1.6716; 1.6740

Sup: 1.6624; 1.6585; 1.6566; 1.6536

The pair fully retraced near-term rally from 101.19 to 103.75 on last week’s fresh acceleration lower. Near-term price action moves in a consolidative mode above fresh low at 101.20, as hourly indicators are heading north and 4-hour studies coming out of oversold territory. This would signal extended consolidative / corrective action, however, not much of the upside prospective is seen for now, as larger picture remain bearish. Ideally, rallies should be capped under 102.50, midpoint of 103.75/101.20 descend, to keep bears intact. Break below 101.20 handle to open another significant support at 100.74, 03/05 Feb **** and psychological 100 support in extension.

Res: 101.85; 102.17; 102.50; 102.80

Sup: 101.20; 101.00; 100.74; 100.00

The pair trades in a choppy mode, with near-term structure being positive, as the holds above near-term **** at 0.9000, reinforced by daily 20SMA. Fresh bounce attempts at pivotal 0.9100/32 barriers, break of which to resume recovery rally from 0.8658, 24 Jan low, which is interrupted by current consolidation. Clearance of 0.9132 opens 0.9135, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Increased downside risk could be expected on a loss of 0.9000 handle.

Res: 0.9100; 0.9132; 0.9165; 0.9206

Sup: 0.9000; 0.8923; 0.8900; 0.8832

The Euro holds positive sentiment and bounced off 1.3840 higher ****, to test levels close to fresh high at 1.3965, posted on 13 Mar. Near-term price action moves in triangular consolidation, after recovery rally stalled at 1.3946 yesterday. Triangle support lies at 1.3910, also Fibonacci 38.2% retracement of 1.3844/1.3946 ascend, ahead of higher **** at 1.3880, also 61.8% retracement, above which stronger pullbacks should find ground to keep near-term positive tone in play. Fresh attempt through 1.3965 opens short-term target and psychological barrier at 1.4000 and 1.4056, Fibonacci 138.2% expansion of the wave from 1.3642, in extension. Conversely, slide below 1.3880 would delay bulls and risk retest of near-term **** at 1.3840 zone and daily channel support at 1.3800.

Res: 1.3946; 1.3965; 1.4000; 1.4056

Sup: 1.3910; 1.3880; 1.3840; 1.3800

http://mediaserver.fxstreet.com/Repo...0318093532.png

Cable remains in near-term sideways mode, with price action attempting at the range’s lower boundary, as recovery attempts were capped at 1.6664, keeping immediate barriers at 1.6700/16 intact for now. Near-term studies are negatively aligned, with fresh acceleration lower, attempting below psychological 1.66 handle. Immediate focus lies at lowered range floor at 1.6566, below which to open 1.6536, 50% retracement and psychological 1.6500 support in extension and signal stronger correction of larger upleg from 1.5853 to 1.6821. Otherwise, holding above 1.6566, would signal extended sideways trading and only regain of pivotal 1.6716 barrier, to improve the structure and shift focus higher.

Res: 1.6664; 1.6700; 1.6716; 1.6740

Sup: 1.6566; 1.6536; 1.6500; 1.6451

Near-term price action moves in a consolidative mode above fresh low at 101.19, after the pair fully retraced 101.19/103.75 upleg. Hourly studies turned positive, as the price approached psychological 102 barrier, where gains were capped by 4-hour 20SMA for now. On the other side, negative 4-hour studies see the action limited. Ideally, rallies should be capped under 102.50, midpoint of 103.75/101.20 descend, to keep bears intact. Break below 101.19 handle is required to open another significant support at 100.74, 03/05 Feb **** and psychological 100 support in extension. Only break above 102.50 and 102.80, Fibonacci 61.8% retracement of 103.75/101.19 would improve near-term structure.

Res: 101.93; 102.17; 102.50; 102.80

Sup: 101.50; 101.20; 101.00; 100.74

The pair trades in a choppy mode, with near-term structure being positive, as the price stabilizes above near-term **** at 0.9000, reinforced by daily 20SMA / Tenkan-sen / Kijun-sen bull cross. Fresh bounce cracked psychological 0.9100 barrier in attempt at pivotal 0.9132 resistance, break of which to resume recovery rally from 0.8658, 24 Jan low, which is interrupted by current consolidation. Clearance of 0.9132 opens 0.9165, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Initial support lies at 0.9060, hourly 55SMA, while only loss of 0.9000 **** would increase downside pressure and signal double-top formation.

Res: 0.9108; 0.9132; 0.9165; 0.9206

Sup: 0.9060; 0.9000; 0.8923; 0.8900

The Euro showed limited action during past few sessions, with price action moving within narrow 1.3880/1.3940 range, awaiting today’s FOMC decision. Hourly tone is neutral, as the price forms bullish pennant, while larger pictures maintain positive tone and favor eventual push towards short-term target at 1.4000. Recent range tops, along with bear-trendline off 1.3965, offer initial resistance, ahead of fresh high at 1.3965 and psychological 1.4000 barrier, also daily channel resistance. Break here to resume larger uptrend, interrupted by 1.3965/1.3840 corrective phase and expose next targets at 1.4056, double-Fibonacci resistance 138.2% expansion of the third wave from 1.3642 and 138.2% projection of the downmove from 1.3892 to 1.3475. Narrowed range floor at 1.3880 offers immediate support, ahead of the first pivot at 1.3840 higher platform / Fibonacci 38.2% retracement of 1.3642/1.3965 upleg and only break here would sideline near-term bulls in favor of deeper pullback towards 1.3800, 50% retracement / channel support; 1.3765, Fibonacci 61.8% retracement of 1.3642/1.3965 rally and 1.3700, higher **** / round-figure support / 76.4% retracement.

Res: 1.3946; 1.3965; 1.4000; 1.4056

Sup: 1.3900; 1.3880; 1.3840; 1.3800

Cable came under pressure and ended the second day in red, after fresh weakness broke below near-term range floor, to post fresh low at 1.6544, where daily 55SMA contained dips for now. Weak near-term studies favor further downside, with psychological 1.6500 support, also daily Ichimoku cloud top coming next, ahead of 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend. Corrective rallies are expected to precede fresh leg lower, with regain of 1.66 handle expected to open 1.6646/64 barriers, where rallies should be ideally contained. Pivotal resistance lies at 1.6716, 13 Mar peak and only break here to improve near-term structure.

Res: 1.6608; 1.6646; 1.6664; 1.6700

Sup: 1.6544; 1.6500; 1.6451; 1.6400

Near-term price action moves in a consolidative mode above fresh low at 101.19, after the pair fully retraced 101.19/103.75 upleg. Near-term tone remains weak, as recovery attempts were capped under psychological 102 barrier, with descending 4-hour SMA limiting the upside for now and bull-trendline off 100.74 low being cracked. Break below 101.19 handle is required to open another significant support at 100.74, 03/05 Feb **** and psychological 100 support in extension. Only break above 102.50 and 102.80, Fibonacci 61.8% retracement of 103.75/101.19 would improve near-term structure.

Res: 101.93; 102.17; 102.50; 102.80

Sup: 101.29; 101.19; 101.00; 100.74

The pair maintains positive near-term tone and eventually broke above psychological 0.9100 barrier, to crack key near-term resistance and pivotal point at 0.9132, on extension to 0.9137 so far. Positive near-term technicals keep the upside favored, with clear break above of 0.9132 barrier, expected to open 0.9151, 200SMA; 0.9165, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Corrective dips would face initial support at 0.91 zone, also hourly 55SMA and higher low at 0.9062, Fibonacci 38.2% retracement of 0.8923/0.9137, seen as ideal reversal point to keep bulls intact.

Res: 0.9137; 0.9151; 0.9165; 0.9206

Sup: 0.9100; 0.9060; 0.9030; 0.9000

The Euro ended week in red after rallying for six consecutive weeks, trading in corrective phase off fresh 4 ½ month high at 1.3965. The pullback found temporary footstep at 1.3748, with consolidative action so far being capped by hourly 55SMA / daily Kijun-sen line at 1.38 zone, also near 38.2% Fibonacci retracement of 1.3923/1.3748 fall. Hourly studies are gaining traction, however, limited upside action is seen for now, as 4-hour structure remain negative, with 1.3840/50 zone, lower top of 20 Mar and Fibonacci 61.8%, expected to ideally cap, before fresh leg lower commences. Extension below 1.3748 to open 1.3720, double Fibonacci / 04/06 Mar higher platform and psychological 1.3700 support in extension. Alternatively, fresh strength through 1.3850 and regain of 1.39 handle, would bring bulls back in play and signal an end of corrective phase, with 1.3965 peak and short-term target at 1.4000, expected to come in near-term focus.

Res: 1.3809; 1.3840; 1.3856; 1.3882

Sup: 1.3785; 1.3764; 1.3748; 1.3720

Cable remains under pressure, with Friday’s close under psychological 1.65 barrier and the second week’s close in red, confirming negative structure and seeing risk of further weakness. Last Friday / overnight lows at 1.6470, also Fibonacci 61.8% retracement of 1.6250/1.6821 upleg, where the pair attempts to consolidate, are coming under pressure, as near-term studies maintain negative tone. Break here to open next target at 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend, 100SMA at 1.6417 psychological 1.6400 support in extension. On the upside, consolidation top at 1.6517, offers initial resistance, with 20 mar lower top at 1.6466 coming next and any stronger rally expected to be capped at 1.66 zone, near 38.2% of 1.6784/1.6471 downleg.

Res: 1.6517; 1.6543; 1.6566; 1.6600

Sup: 1.6471; 1.6451; 1.6400; 1.6385

Near-term price action remains supported, as corrective pullback off recovery high at 102.67, was contained at 102 handle, also 4-hour 20/55 SMA’s bull-cross and fresh strength attempts at 102.67 peak, reinforced by daily 55SMA. Positive near-term studies keep the upside favored, with break above 102.67 to open 103 barrier, psychological resistance, reinforced by daily cloud top, ahead of key near-term resistance at 103.75, 07 Mar peak. Conversely, increased downside risk could be expected in case of violation of 102 handle.

Res: 102.67; 102.80; 103.09; 103.42

Sup: 102.35; 102.00; 101.80; 101.50

The pair trades within 0.9047 and 0.91 range, following overnight’s 0.90101/0.9047 pullback and bounce higher. Psychological 0.91 barrier is under pressure, with positive near-term studies favoring break higher to resume near-term recovery phase off 0.8994, 20 Mar higher low and open key barriers and congestion tops at 0.9132/37, reinforced by 200SMA. Break here is required to signal resumption of larger uptrend from 0.8889 and open 0.9135, 10 Dec 2013 peak and 0.9206, 50% retracement of 0.9755/0.8658 descend. Strong support and higher **** at 0.9000 should keep the downside protected to keep near-term bulls in play.

Res: 0.9100; 0.9137; 0.9165; 0.9206

Sup: 0.9047; 0.9000; 0.8975; 0.8935

The Euro bounced through 1.3820 barrier which capped near-term consolidation and spiked at 1.3874, marking 61.8% retracement of 1.3946/1.3748 fall. Formation of double-bottom pattern signals further upside, as hourly technicals are positive. Pullback off fresh high at 1.3874 attempts to consolidate above previous peak at 1.3825, with hourly bullish 20/55SMA’s cross at 1.3800, underpinning the action. Holding above the latter would keep freshly established bulls in play for further recovery towards 1.3900 and lower platform at 1.3930/40 zone. However, negatively aligned 4-hour studies require caution, as failure to extend gains above initial 1.3874, would keep the downside vulnerable, with loss of 1.38 handle to bring bears back in play for possible retest of 1.3759/48 lows.

Res: 1.3874; 1.3900; 1.3940; 1.3965

Sup: 1.3825; 1.3800; 1.3759; 1.3748

Cable remains under pressure and posted marginally lower low at 1.6464, with near-term price action moving in consolidative mode, following yesterday’s short-lived spike to 1.6535, where broken bear-channel support line and Fibonacci 38.2% of 1.6652/1.6464 downleg capped rally. Hourly studies are neutral, while bears dominate on 4-hour chart and favor further downside. Immediate target lies at 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend, ahead of daily 100 SMA at 1.6423 and psychological 1.6400 support. Alternative scenario requires break above 1.6535 to signal basing attempt and allow for stronger recovery towards 1.6558, 50% retracement / 55SMA and 1.6580, Fibonacci 61.8%. Key near-term barriers and breakpoints lay at 1.6652/64, above which to confirm formation of higher low at 1.6464.

Res: 1.6517; 1.6535; 1.6558; 1.6580

Sup: 1.6464; 1.6451; 1.6400; 1.6385

The pair is near-term neutral mode, with price being entrenched within 102.00/63 range and trading in sideways mode. Hourly studies are losing traction after repeated failure at the range tops, with range floor being under pressure. On the 4-hour chart positive tone remains in play, however, break below 20 and 55SMA’s keeps the downside vulnerable. Slide below 102 handle, mid-point of 101.29/102.67 range and 101.80, 61.8% retracement, would signal further weakness and risk return to 101.20 ****. Conversely, clearance of the range ceiling at 102.67 and Fibonacci 61.8% of 103.75/101.19 at 102.77, to confirm bullish resumption towards 103.00 and 103.42/75 in extension.

Res: 102.33; 102.67; 102.77; 103.09

Sup: 102.00; 101.80; 101.50; 101.20

The pair eventually broke above key near-term barriers at 0.9132/37 and 200SMA at 0.9141,with fresh peak being posted at 0.9156 and confirmation seen on a daily close above previous peaks. Bullish near-term studies are supportive for such scenario, with immediate targets laying at 0.9165, 10 Dec 2013 peak and 0.9206, 50% retracement of 0.9755/0.8658 descend. To keep bulls intact, consolidative / corrective actions should be ideally contained near 0.9100, Fibonacci 38.2% of 0.8994/0.9156 rally / bull-trendline off 0.8994 higher low. Key near-term support and breakpoint lies at 0.900 higher **** and break here would be bearish.

Res: 0.9156; 0.9165; 0.9206; 0.9269

Sup: 0.9118; 0.9100; 0.9075; 0.9047

The Euro trades in a narrow range, after failing to sustain attempts above 1.38 handle, reinforced by daily Kijun-sen line as broken channel support line capped rallies. Narrow consolidation around 1.3780 is expected to precede fresh weakness towards 1.3748 ****, as near-term technicals are negative. Break here to confirm lower top formation at 1.3874 and resume larger downtrend from 1.3965, towards 1.3720, 50% retracement of 1.3475/1.3965 upleg and 1.3700, higher **** / daily 55SMA, with extension lower to open 1.3662, Fibonacci 61.8% retracement, reinforced by daily 100SMA. On the upside, 1.3800 offers immediate resistance, ahead of 1.3845, 25 Mar tops and pivotal 1.3867, 24 Mar peak, above which to shift near-term focus higher.

Res: 1.3800; 1.3845; 1.3867; 1.3900

Sup: 1.3780; 1.3759; 1.3748; 1.3720

Cable extends near-term recovery phase off 1.6464, 24 Mar low and regained initial 1.6586 barrier, Fibonacci 38.2% retracement of the downleg from 1.6784 to 1.6464, approaching psychological 1.66 hurdle. Corrective action on overbought hourly studies should precede fresh attempt higher, as near-term technicals turned positive. Clear break above 1.66 barrier to confirm bottom at 1.6464, with extension to 1.6660 lower **** and Fibonacci 61.8% retracement, required to complete 4-hour cup-and holder pattern and trigger further recovery. However, caution is required as daily technicals are negative and risk of lower top formation under 1.6660, remains in play. Solid support at 1.6545, Fibonacci 38.2% of 1.6464/1.6595 upleg, reinforced by hourly 55SMA, should ideally contain dips and keep freshly established bulls off 1.6464 in play.

Res: 1.6584; 1.6600; 1.6624; 1.6660

Sup: 1.6545; 1.6514; 1.6500; 1.6480

The pair’s near-term structure weakens, as the price dipped below near-term consolidation range floor and strong support at 102.00, also cracking the next support at 101.80. Hourly indicators are establishing in the negative territory, while 4-hour ones are attempting below the midlines that increases downside pressure. Clear break below 101.80 handle, also 61.8% retracement of 101.26/102.67 upleg, to confirm lower platform formation at 102.65 zone and trigger fresh weakness for possible retest of strong 101.20 ****. Alternative scenario requires break above 102.67 to bring bulls back in play and resume recovery off 101.20 through Fibonacci 61.8% barrier at 102.77, towards levels above psychological 103.00 resistance, where near-term congestion to at 103.75 stands.

Res: 102.47; 102.67; 102.77; 103.15

Sup: 102.00; 101.71; 101.50; 101.20

The pair maintains positive near-term tone and continues to trend higher, with near-term price action stabilizing above 0.9200 handle, after posting fresh annual high at 0.9244. Overall bulls see scope for further gains towards psychological 0.9300 barrier and 0.9314, Fibonacci 100% expansion of the wave from 0.8889, 03 Mar low. However, rallies may be interrupted by consolidative /corrective actions, as near-term studies are overbought. Initial supports lay at 0.9215/00, ahead of 0.9150, Fibonacci 38.2% of 0.8994/0.9244 upleg and previous peaks at 0.9137/32, above which any stronger pullback should be ideally contained.

Res: 0.9244; 0.9269; 0.9300; 0.9314

Sup: 0.9215; 0.9200; 0.9150; 0.9132

The Euro consolidates above the fresh low at 1.3704, posted last Friday, where the fall met its Fibonacci 76.4% expansion of the third wave off 1.3874, 24 Mar lower top. The second consecutive weekly close in red signals further downside, however, formation of Morning Star pattern on the daily chart suggests correction. Today’s close above initial 1.3770 and strong 1.3800 barrier, also Fibonacci 38.2% retracement of 1.3965/1.3704 downleg is required to confirm the pattern formation and allow for stronger bounce towards 1.3846 and pivotal 1.3874 barrier. Hourly studies are neutral, while negative tone prevails on 4-hour chart technicals, keeping the downside vulnerable. Violation of 1.37 handle, also near daily Ichimoku cloud top, to neutralize correction attempts and signal resumption of larger downtrend, with next targets standing at 1.3662/50, Fibonacci 61.8% retracement of 1.3475/1.3965 and 100% expansion of the wave from 1.3874.

Res: 1.3770; 1.3800; 1.3845; 1.3874

Sup: 1.3730; 1.3700; 1.3662; 1.3650

Cable steadies above 1.66 support and consolidates fresh gains that peaked just ahead of pivotal 1.6665 barrier, break of which is required to confirm near-term **** at 1.6464 and complete cup-and-holder pattern, for further retracement of 1.6821/1.6464 pullback. Break higher opens 1.6700/16 hurdles, ahead of trendline resistance at 1.6735, clearance of which to expose key barriers at 1.6784 and 1.6821, 07 Mar / 17 Feb peaks. Positive near-term studies support the notion, however, break of 1.6716/35 hurdles is required to confirm improvement of daily studies for eventual push towards 1.6821 peak.

Res: 1.6657; 1.6665; 1.6700; 1.6716

Sup: 1.6626; 1.6600; 1.6576; 1.6555

The pair eventually broke above near-term congestion tops at 102.67, attempting at psychological 103.00 barrier and 103.15, Fibonacci 76.4% retracement of 103.75/101.19 descend. Positive near-term studies keep the upside in focus, however, bulls may be delayed by overbought hourly conditions, with consolidative action to be ideally contained at previous range tops. Improving daily studies require clear break above 103 handle, also daily Ichimoku cloud top, to confirm bullish resumption towards pivotal resistance at 103.75, 07 Mar peak.

Res: 103.00; 103.15; 103.42; 103.75

Sup: 102.67; 102.46; 102.19; 102.00

The pair maintains positive near-term tone and consolidates under fresh high at 0.9294, posted last Friday. Strong support at 0.9200, Fibonacci 38.2% of 0.9047/0.9294 upleg, stays intact for now, with break here required to confirm formation of daily evening star pattern and trigger stronger pullback towards 0.9170/41, 50% and 61.8% retracement, with the latter being reinforced by 200SMA. Overall positive outlook favors further upside, with initial targets laying at 0.9314, Fibonacci 100% expansion of the third wave from 0.8894 and 0.9336, Fibonacci 61.8% retracement of 0.9755/0.8658 descend.

Res: 0.9300; 0.9314; 0.9336; 0.9400

Sup: 0.9215; 0.9200; 0.9170; 0.9141

Spot Gold remains under pressure, with fresh low at 1285 being posted last Friday and near-term consolidation above the latter under way. Previous strong support, now resistance at 1300, reinforced by 4-hour 20SMA and 200SMA, so far caps upside attempts. Overall negative tone and weekly close below psychological 1300 barrier, favor further downside, with bears to be interrupted by consolidative / corrective phases. Penetration of 1300 is required to confirm corrective action, which is seen ideally capped at 1316 lower platform. Only break here would delay bears for more significant correction. On the downside, 1288/85 offer initial supports, ahead of 1273, 100SMA and 1262, Fibonacci 61.8% retracement of 1182/1392 ascend.

Res: 1300; 1307; 1316; 1320

Sup: 1292; 1288; 1285; 1278

Spot Silver consolidates fresh losses that found temporary support at 19.56 yesterday, with corrective action being so far capped under psychological 20.00 barrier. With hourly studies turning positive, further upside could be expected, as bullish MACD divergence is developing on 4-hour chart that is supporting the notion. However, sustained break above initial 20.00 barrier and lower platform at 20.20 is required to confirm recovery and avert immediate risk of extension towards 19.30/11 and key short-term support and target at 18.99, 30 Jan year-to-date low.

Res: 20.00; 20.20; 20.40; 20.56

Sup: 19.72; 19.56; 19.30; 19.11

The Euro has established positive tone on hourly chart, consolidating 1.3704/1.3807 recovery rally, despite failure to clear important 1.38 barrier, where 4-hour 55SMA capped for now. However, prevailing negative tone on 4-hour chart requires caution, as repeated upside rejection at 1.38 barrier, Fibonacci 38.2% retracement of 1.3965/1.3704, would risk fresh leg lower and retest near-term **** and daily cloud top at 1.37 zone. Break here to resume downtrend off 1.3965, otherwise, sustained break above 1.38 hurdle would open 1.3835, 50% retracement / daily 20SMA and pivotal 1.3874, 24 Mar peak / near Fibonacci 61.8% retracement, above which to confirm formation of higher low at 1.3704 and shift focus towards 1.3946 and key 1.3965 resistance, peak of 13 Mar.

Res: 1.3807; 1.3845; 1.3874; 1.3900

Sup: 1.3760; 1.3721; 1.3700; 1.3662

Cable continues to trend higher and broke above initial 1.6665 barrier to test 1.6685, Fibonacci 61.8% retracement of 1.6821/1.6464 descend so far. Hourly studies are positive, while overextended 4-hour conditions and yesterday’s Doji candle, warn of possible stall. Sustained break above 1.6716/33, 13 Mar high / bear-trendline off 1.6821, is required to confirm bullish resumption and open 1.6784, 07 Mar peak and key 1.6821 barrier, 17 Feb year-to-date high. Corrective dips should be contained above 1.66 handle, Fibonacci 38.2% retracement of 1.6464/1.6685 upleg, reinforced by 4-hour 55SMA, to keep bulls intact.

Res: 1.6685; 1.6700; 1.6716; 1.6733

Sup: 1.6655; 1.6638; 1.6600; 1.6574

The pair remains supported and aims towards key near-term barrier at 103.75, 07 Mar peak, to fully retrace 103.75/101.19 descend, after the price stabilizes above psychological 103 barrier, also daily cloud top. Near-term technicals are positive, however, 4-hour RSI enters overbought zone and may delay bulls. Neutral daily studies require break above 103.75, two-month congestion top, to bring fresh bulls in play. Initial supports lay at 103.00/102.88, with higher platform and Fibonacci 38.2% retracement of 101.71/103.42 upleg, offering solid support and seen as ideal reversal point for stronger dips.

Res: 103.42; 103.75; 104.00; 104.32

Sup: 103.00; 102.77; 102.67; 102.46

The pair maintains positive near-term tone and consolidates after cracking psychological 0.9300 barrier. Near-term corrective action was contained above strong support at 0.9200, Fibonacci 38.2% of 0.9047/0.9294 upleg, keeping near-term bulls firmly in play for test of immediate targets at 0.9314, Fibonacci 100% expansion of the third wave from 0.8894 and 0.9336, Fibonacci 61.8% retracement of 0.9755/0.8658 descend, break of which to confirm wave principles and open 0.9446, 19/20 Now 2013 peaks and 0.9477, Fibonacci 138.2% expansion. Only loss of 0.9200 **** would delay bulls and expose strong supports at 0.9140 zone, previous peaks and 200SMA.

Res: 0.9302; 0.9314; 0.9336; 0.9400

Sup: 0.9254; 0.9215; 0.9200; 0.9170

Spot Gold remains under strong pressure and resumes downtrend off 1392 peak, interrupted by 1285/1298 consolidative phase. With psychological 1300 barrier, also 200SMA, being established as strong resistance, fresh weakness through previous low at 1285, approaches dynamic support at 1273, daily 100SMA, with 1262, Fibonacci 61.8% retracement of 1182/1392 ascend, coming in focus. Overall bearish tone keeps the downside favored, with consolidative /corrective action on oversold studies, seen preceding fresh weakness. Lower platform at 1300 is expected to limit upside attempts, while only sustained break here would put immediate bears on hold.

Res: 1290; 1300; 1306; 1316

Sup: 1277; 1273; 1262; 1252

Spot Silver trades in extended consolidative phase above fresh low at 19.56, posted on 27 Mar, with corrective action being so far capped under psychological 20.00 barrier. Yesterday’s rejection at 20.00 hurdle and fresh slide below the range mid-point, keeps near-term studies in negative mode and maintains downside risk. Penetration through 19.56 handle to open interim supports at 19.30/11, 08 Jan 2014 / 19 Dec 2013 lows, for extension towards key support at 18.99, 30 Jan low, return to which to fully retrace 18.99/22/15 ascend. Only sustained break above 20.00 hurdle would sideline immediate bears and allow for stronger corrective action towards 201.19, 25 Mar high and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend.

Res: 19.91; 20.00; 20.20; 20.40

Sup: 19.62; 19.56; 19.30; 19.11

The Euro’s near-term price action remains at 1.38 zone, following several attempts to break higher that formed hourly bullish pennant. Positive near-term studies, however, are supportive for further advance, with clearance of strong 1.38 hurdle, also Fibonacci 38.2% retracement of 1.3965/1.3704 descend and daily Kijun-sen line, seen as a trigger for fresh recovery towards 1.3835/45, lower tops / 50% retracement and 1.3756, bull trendline off 1.3965, with key near-term resistance at 1.3874, 24 Mar peak, expected to come in focus on a break. Alternatively, rejection at 1.38 zone would signal further congestion, while extension below higher platform at 1.3765, also mid-point of 1.3704/1.3814 upleg, would bring bears back in play.

Res: 1.3845; 1.3874; 1.3900; 1.3946

Sup: 1.3877; 1.3765; 1.3745; 1.3700

Cable enters consolidative phase after fresh bulls peaked at 1.6685, Fibonacci 61.8% retracement of 1.6821/1.6464 descend. Strong support and breakpoint at 1.6600, so far stays intact, as the pullback was contained by daily cloud top at 1.6615 and subsequent bounce is under way. With near-term studies gaining traction, focus remains at 1.6685 peak, clearance of which and trendline resistance at 1.6730, to open next pivot at 1.6716, 13 Mar peak and signal eventual return to key barriers at 1.6784, 07 Mar high and 1.6821, 17 Feb 2014 high. Only loss of 1.66 handle would delay immediate bulls and risk stronger pullback.

Res: 1.6685; 1.6700; 1.6716; 1.6730

Sup: 1.6615; 1.6600; 1.6574; 1.6548

The pair remains supported and eventually broke above key near-term barrier at 103.75, 07 Mar peak, fully retracing 103.75/101.19 descend. Formation of Three White Soldiers pattern on a daily chart suggests further upside, with break above psychological 104.00 barrier, expected to open 104.32, Fibonacci 76.4% of 105.43/100.74 descend and expose upper targets at 105 zone. However, bulls may be delayed by consolidative / corrective action, as near-term studies are overbought. Psychological 103 support, also 38.2% retracement of 101.71/103.92 upleg and higher platform at 102.80, also 50% retracement, are seen as ideal reversal points to keep near-term bulls intact.

Res: 104.00; 104.32; 104.83; 105.00

Sup: 103.59; 103.42; 103.00; 102.80

The pair trades in extended consolidative phase off 0.9300 barrier, following repeated upside rejection. Near-term price action is entrenched within 0.9220/0.9300 range, with studies losing traction. This may signal deeper pullback, as hourly technicals are negative and 4-hour bearish momentum is building up. Break below initial 0.9220 support will be seen as initial signal, while loss of psychological 0.92 handle and 0.9184, Fibonacci 38.2% of 0.8994/0.9302 upleg, is required to confirm of near-term double-top pattern and expose 0.9148, 50% retracement / bull-trendline off 0.8923 low and previous congestion tops at 0.9135 zone, reinforced by 200SMA, where stronger pullback should be ideally contained. Overall bullish tone keeps the upside favored in the short-term

Res: 0.9302; 0.9314; 0.9336; 0.9400

Sup: 0.9220; 0.9200; 0.9184; 0.9148

Spot Gold trades in extended consolidative phase off fresh low at 1277, signaling possible basing attempt. However, overall negative tone keeps the downside favored, as brief corrective attempts were capped by descending 10SMA at 1287. Break here is required to signal recovery, with notion being supported by oversold 4-hour conditions. Extension higher to open strong 1300 zone barrier, 200SMA / psychological resistance, above which stronger recovery action could be anticipated. Otherwise, completion of near-term consolidation and fresh extension of larger downtrend off 1392 peak, would be likely near-term scenario. Break below 1277 to open 1272, 100SMA and 1262, Fibonacci 61.8% of 1182/1392, also daily Ichimoku cloud ****.

Res: 1287; 1296; 1300; 1306

Sup: 1277; 1272; 1262; 1252

Spot Silver trades in extended consolidative phase above fresh low at 19.56, posted on 27 Mar, with corrective action being so far capped under psychological 20.00 barrier, reinforced by 4-hour 55SMA. Neutral hourly technicals favor further sideways movement, however, improving conditions on 4-hour chart do not rule out stronger recovery. Break above 20.00 barrier will be seen as initial signal, with regain of 20.20, required to confirm near-term **** formation and open 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend. Conversely, loss of 19.56 handle to open interim supports at 19.30/11, 08 Jan 2014 / 19 Dec 2013 lows, for extension towards key support at 18.99, 30 Jan low, return to which to fully retrace 18.99/22/15 ascend.

Res: 20.00; 20.20; 20.40; 20.56

Sup: 19.62; 19.56; 19.30; 19.11

The Euro is losing traction after triple rejection at 1.38 resistance zone triggered pullback to 1.3752 so far, retracing near 61.8% of 1.3704/1.3819 rally. Formation of bearish engulfing pattern suggests further easing and possible retest of strong 1.37 support zone, previous low of 28 Mar and daily cloud top. Negative hourly studies and 4-hour indicators breaking below the midlines, support the notion, with violation of 1.37 handle to signal continuation of bear-channel of 1.3965 peak. Recent low at 1.3752, along with Fibonacci 61.8% of 1.3704/1.3819, offer immediate support, ahead of 31 Mar spike low and daily 55SMA at 1.3721 and pivotal 1.3704, low of 28 Mar, below which bearish resumption would look for 1.3680, 100SMA and 1.3662, 61.8% retracement of larger 1.3475/1.3965 ascend. Session high and previous 31 Mar / 01 Apr consolidation lows at1.3770, offer initial resistance, with 1.3785, 50% retracement and hourly 20/55SMA’s bear cross, expected to limit upside attempts.

Res: 1.3770; 1.3785; 1.3800; 1.3819

Sup: 1.3752; 1.3720; 1.3700; 1.3662

Cable remains in near-term consolidative sideways mode, with price action moving within 1.6620/60 range. Near-term **** is forming at 1.6620, where the price found solid support, reinforced by daily cloud top and should ideally keep the downside protected for fresh attempt higher. Hourly studies are neutral, while 4-hour bulls remain in play, however, downside risk would remain in play, as daily studies are lacking momentum. Holding below initial barriers at 1.6716/20, previous peak / trendline resistance, would require caution, as downside risk is expected to increase in case of loss of 1.6620/00 handles that may trigger fresh weakness and signal lower top formation.

Res: 1.6660; 1.6685; 1.6700; 1.6716

Sup: 1.6620; 1.6600; 1.6574; 1.6548

The pair remains supported and fresh extension higher cracked psychological 104 barrier, after the price broke and close above key 103.75, 07 Mar peak. Clearance of 104 hurdle opens next target at 104.32, Fibonacci 76.4% of 105.43/100.74 descend and lower tops of 16 / 23 Jan at 104.93/83, along with psychological 105 barrier. Overall picture remains bulls and keeps the upside favored, however, overbought 4-hour studies warn of corrective action, before fresh attempt higher. Initial support lies at 103.57, yesterday’s low and 103.42, 31 Mar previous high, ahead of 103.16, Fibonacci 38.2% retracement of 101.71/104.06 upleg and psychological 103 support, where corrective dips should ideally find support.

Res: 104.06; 104.32; 104.83; 105.00

Sup: 103.57; 103.42; 103.00; 102.80

The pair’s near-term tone weakened, as the price probed below initial support and consolidation floor at 0.9220 and tested psychological 0.9200 support so far. With hourly studies turning negative and 4-hour indicators attempting below their midlines that keeps the downside vulnerable. Sustained break lower and violation of 0.9184, Fibonacci 38.2% retracement of 0.8994/0.9302, to confirm reversal and mark near-term top at 0.9302, for further easing towards strong support at 0.9135 zone, previous peaks / 50% retracement / trendline support and 200SMA, below which to fully establish bears. Otherwise, near-term bulls will remain in play for eventual break above 0.93 handle and resumption of larger uptrend from 0.8658, 24 Jan annual low.

Res: 0.9262; 0.9302; 0.9314; 0.9336

Sup: 0.9200; 0.9184; 0.9148; 0.9112

Spot Gold trades in extended consolidative phase off fresh low at 1277, signaling possible basing attempt. Hourly technicals improved and see scope for possible extension of the recent recovery peak at 1294, for attempt at pivotal 1296, 200SMA and 1300 barriers, break of which to signal near-term **** and allow for stronger correction. Indicators of 4-hour chart are approaching their midlines and support the notion, however, failure to clearly break above initial 1300 barrier, would keep risk of fresh weakness in play, as larger picture bears remain fully in play. Extension below initial 1287 support, 01 Apr high / yesterday’s low / hourly 20/55SMA’s bull-cross, to bring near-term bears back in play and risk return to 1277 **** and possible bearish resumption on violation of the latter.

Res: 1294; 1296; 1300; 1306

Sup: 1287; 1280; 1277; 1273

Spot Silver attempts to stabilize above near-term consolidation top at 20.00, as fresh extension higher peaked at 201.13 so far and signals near-term basing attempt. Near-term studies turned positive and support further recovery, with regain of the next barrier at 20.20, 100SMA, expected to open way towards the next pivot at 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend and confirm reversal. However, recovery action is seen limited, as daily bears are firmly in play, with death-cross formation of 20/200SMA and bear-cross of 20/55SMA’s, keeping the downside pressured.

Res: 20.13; 20.20; 20.40; 20.56

Sup: 19.90; 19.80; 19.67; 19.62